Taseko Mines Ltd (TGB) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Taseko Mines Ltd (NYSE:TGB) from a hold rating to a sell rating in a research note issued to investors on Tuesday.

According to Zacks, “Taseko Mines is focused on acquiring ownership of and advancing exploration and related activities on known mineral deposits that have as their basic characteristic, large tonnage (based on extensive drill testing for continuity) mineralization which, under metals price assumptions that fall within historical averages, are potentially capable of supporting a mine for 10 years and longer. “

Separately, Scotiabank restated a sector perform rating and issued a $0.80 target price on shares of Taseko Mines in a research note on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $0.78.

Taseko Mines (NYSE:TGB) traded up 3.953% during mid-day trading on Tuesday, reaching $0.447. The company had a trading volume of 20,556 shares. The stock’s market capitalization is $99.16 million. Taseko Mines has a 12-month low of $0.23 and a 12-month high of $0.70. The stock has a 50 day moving average price of $0.46 and a 200-day moving average price of $0.52.

Taseko Mines (NYSE:TGB) last issued its quarterly earnings results on Tuesday, July 26th. The mining company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.02. The company earned $55.01 million during the quarter, compared to analyst estimates of $62 million. The company’s revenue for the quarter was down 40.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.01 EPS. Equities analysts anticipate that Taseko Mines will post ($0.21) EPS for the current fiscal year.

An institutional investor recently raised its position in Taseko Mines stock. Renaissance Technologies LLC boosted its position in Taseko Mines Ltd (NYSE:TGB) by 21.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,067,900 shares of the mining company’s stock after buying an additional 358,700 shares during the period. Renaissance Technologies LLC owned approximately 0.93% of Taseko Mines worth $1,166,000 at the end of the most recent quarter.

Taseko Mines Company Profile

Taseko Mines Limited is a mining company. The Company is engaged in the production and sale of metals, as well as related activities, including exploration and mine development, within the province of British Columbia, Canada and the State of Arizona, the United States. Its operating asset is the Gibraltar Mine, a copper mine located in central British Columbia.

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