Taseko Mines (NYSE:TGB) Stock Price Up 7.3% – Here’s Why

Taseko Mines Limited (NYSE:TGB) rose 7.3% on Friday . The stock traded as high as $7.66 and last traded at $7.7230. Approximately 8,438,291 shares were traded during trading, a decline of 3% from the average daily volume of 8,674,881 shares. The stock had previously closed at $7.20.

Analyst Ratings Changes

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

Taseko Mines Trading Up 6.0%

The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 1.48. The firm has a market cap of $2.76 billion, a P/E ratio of -254.33 and a beta of 1.27. The company’s 50 day simple moving average is $5.64 and its 200-day simple moving average is $4.39.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TGB. L1 Capital Pty Ltd grew its stake in Taseko Mines by 64.0% in the second quarter. L1 Capital Pty Ltd now owns 20,681,607 shares of the company’s stock worth $65,148,000 after purchasing an additional 8,072,986 shares in the last quarter. JPMorgan Chase & Co. raised its position in Taseko Mines by 261.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,019,297 shares of the company’s stock valued at $12,661,000 after purchasing an additional 2,907,611 shares in the last quarter. Montrusco Bolton Investments Inc. purchased a new stake in shares of Taseko Mines in the 3rd quarter worth $12,260,000. Mackenzie Financial Corp grew its position in shares of Taseko Mines by 121.7% during the 3rd quarter. Mackenzie Financial Corp now owns 3,556,688 shares of the company’s stock worth $15,075,000 after buying an additional 1,952,116 shares in the last quarter. Finally, Mudita Advisors LLP grew its position in shares of Taseko Mines by 75.4% during the 3rd quarter. Mudita Advisors LLP now owns 2,788,401 shares of the company’s stock worth $11,795,000 after buying an additional 1,198,700 shares in the last quarter. 17.94% of the stock is currently owned by institutional investors.

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.