Taseko Mines (NYSEAMERICAN:TGB) Trading Up 8% – Here’s What Happened

Taseko Mines Limited (NYSEAMERICAN:TGB)’s stock price was up 8% during trading on Friday . The company traded as high as $7.35 and last traded at $7.4010. Approximately 2,543,796 shares changed hands during trading, a decline of 59% from the average daily volume of 6,213,739 shares. The stock had previously closed at $6.85.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on TGB shares. Canaccord Genuity Group increased their price objective on Taseko Mines from C$13.50 to C$14.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. TD Securities restated a “buy” rating on shares of Taseko Mines in a report on Monday, February 23rd. Cantor Fitzgerald upgraded Taseko Mines from a “buy” rating to a “buy” rating and set a $9.00 target price for the company in a report on Thursday, May 7th. Finally, Zacks Research lowered Taseko Mines from a “hold” rating to a “strong sell” rating in a report on Thursday, April 16th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.00.

Taseko Mines Price Performance

The company has a debt-to-equity ratio of 0.88, a current ratio of 1.37 and a quick ratio of 0.76. The stock has a fifty day moving average price of $7.17 and a 200-day moving average price of $6.84. The company has a market cap of $2.73 billion, a PE ratio of 248.58 and a beta of 1.25.

Hedge Funds Weigh In On Taseko Mines

Several hedge funds have recently bought and sold shares of TGB. Caitong International Asset Management Co. Ltd acquired a new position in Taseko Mines during the fourth quarter worth $35,000. Wealth Enhancement Advisory Services LLC acquired a new position in Taseko Mines during the third quarter worth $49,000. Ausdal Financial Partners Inc. acquired a new position in Taseko Mines during the second quarter worth $52,000. Swiss Life Asset Management Ltd acquired a new position in Taseko Mines during the third quarter worth $61,000. Finally, Marex Group plc acquired a new position in Taseko Mines during the fourth quarter worth $61,000. 17.94% of the stock is owned by institutional investors and hedge funds.

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.