Taseko Mines Ltd (TGB) Downgraded to “Sell” at Zacks Investment Research
Taseko Mines Ltd (NYSE:TGB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued 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 reissued a “sector perform” rating and issued a $0.80 target price on shares of Taseko Mines in a report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Taseko Mines currently has a consensus rating of “Hold” and an average price target of $0.78.
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Shares of Taseko Mines (NYSE:TGB) opened at 0.4281 on Tuesday. The firm’s market capitalization is $94.97 million. Taseko Mines has a 12 month low of $0.23 and a 12 month high of $0.70. The stock’s 50 day moving average price is $0.46 and its 200-day moving average price is $0.52.
Taseko Mines (NYSE:TGB) last issued its earnings results on Tuesday, July 26th. The mining company reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.02. The firm earned $55.01 million during the quarter, compared to analyst estimates of $62 million. During the same period in the previous year, the firm posted $0.01 earnings per share. The company’s quarterly revenue was down 40.6% compared to the same quarter last year. On average, equities research analysts predict 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 raised its position in Taseko Mines Ltd (NYSE:TGB) by 21.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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.
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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