Zacks Investment Research Lowers Taseko Mines Ltd (TGB) to Hold

Taseko Mines Ltd (NYSE:TGB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

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 reiterated a “sector perform” rating and issued a $0.80 price objective on shares of Taseko Mines in a research report on Thursday, July 28th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Taseko Mines presently has a consensus rating of “Hold” and a consensus price target of $0.78.

Taseko Mines (NYSE:TGB) opened at 0.46 on Thursday. The stock has a 50 day moving average of $0.47 and a 200-day moving average of $0.53. Taseko Mines has a 52-week low of $0.23 and a 52-week high of $0.70. The company’s market cap is $102.04 million.

Taseko Mines (NYSE:TGB) last announced its quarterly earnings results on Tuesday, July 26th. The mining company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by $0.02. The firm earned $55.01 million during the quarter, compared to the consensus estimate of $62 million. Taseko Mines’s revenue was down 40.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.01 earnings per share. On average, analysts forecast that Taseko Mines will post ($0.21) EPS for the current year.

A hedge fund recently raised its stake 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 Securities and Exchange Commission. 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 as of its most recent filing with the SEC.

About Taseko Mines

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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