Taseko Mines (NYSE:TGB) Stock Price Up 7.7% – Here’s Why

Taseko Mines Limited (NYSE:TGB)’s share price rose 7.7% during mid-day trading on Tuesday . The company traded as high as $8.35 and last traded at $8.3070. Approximately 896,493 shares traded hands during trading, a decline of 90% from the average daily volume of 9,209,495 shares. The stock had previously closed at $7.71.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets reissued an “outperform” rating on shares of Taseko Mines in a research note on Wednesday, January 14th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $5.00.

Taseko Mines Price Performance

The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 1.48. The stock has a 50-day simple moving average of $6.08 and a 200 day simple moving average of $4.59. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of -285.17 and a beta of 1.27.

Institutional Trading of Taseko Mines

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

Taseko Mines Company Profile

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.