Taseko Mines Sees Unusually Large Options Volume (NYSE:TGB)

Taseko Mines Limited (NYSE:TGB) was the recipient of unusually large options trading on Wednesday. Traders purchased 8,595 call options on the stock. This represents an increase of approximately 219% compared to the average volume of 2,694 call options.

Institutional Investors Weigh In On Taseko Mines

A number of hedge funds have recently modified their holdings of TGB. Wealth Enhancement Advisory Services LLC bought a new stake in Taseko Mines during the 3rd quarter valued at approximately $49,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Taseko Mines during the 2nd quarter valued at approximately $52,000. Ausdal Financial Partners Inc. bought a new stake in shares of Taseko Mines during the second quarter valued at approximately $52,000. Swiss Life Asset Management Ltd purchased a new position in shares of Taseko Mines in the third quarter worth $61,000. Finally, Brevan Howard Capital Management LP bought a new position in shares of Taseko Mines during the third quarter worth $61,000. Institutional investors own 17.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets reissued an “outperform” rating on shares of Taseko Mines in a research note on Wednesday. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Taseko Mines presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.00.

Taseko Mines Stock Up 11.1%

Shares of TGB stock traded up $0.73 during trading hours on Wednesday, hitting $7.25. 9,553,262 shares of the company’s stock traded hands, compared to its average volume of 7,804,082. Taseko Mines has a 12-month low of $1.67 and a 12-month high of $7.28. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of -241.50 and a beta of 1.27. The stock’s fifty day simple moving average is $5.21 and its two-hundred day simple moving average is $4.18. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 1.48.

About Taseko Mines

Taseko Mines Ltd. is a Vancouver?based mining company primarily engaged in the exploration, development and production of copper?based projects. Its flagship operation is the Gibraltar copper mine in central British Columbia, which ranks among Canada’s largest open pit copper producers. In addition to copper, Gibraltar yields byproducts such as molybdenum and silver, reflecting Taseko’s focus on base and precious metals.

Beyond Gibraltar, Taseko holds two advanced development assets. The Florence Copper project in Arizona employs an in?situ recovery process to extract copper, positioning it as one of North America’s first large?scale applications of this technology.