Taseko Mines (NYSEAMERICAN:TGB) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) from a hold rating to a buy rating in a report issued on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $0.50 target price on the mining company’s stock.

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. “

Several other analysts also recently commented on TGB. National Bank Financial downgraded shares of Taseko Mines from an outperform rating to a sector perform rating in a research report on Wednesday, November 27th. Scotiabank downgraded shares of Taseko Mines from a sector perform rating to an underperform rating in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. Taseko Mines currently has an average rating of Hold and a consensus target price of $0.70.

Taseko Mines stock opened at $0.46 on Tuesday. Taseko Mines has a 52-week low of $0.38 and a 52-week high of $0.79.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. PenderFund Capital Management Ltd. lifted its stake in Taseko Mines by 1,341.7% during the 3rd quarter. PenderFund Capital Management Ltd. now owns 3,338,319 shares of the mining company’s stock valued at $1,903,000 after acquiring an additional 3,106,772 shares in the last quarter. K2 Principal Fund L.P. bought a new position in Taseko Mines during the 3rd quarter valued at $926,000. Renaissance Technologies LLC lifted its stake in Taseko Mines by 8.1% during the 4th quarter. Renaissance Technologies LLC now owns 8,979,157 shares of the mining company’s stock valued at $4,310,000 after acquiring an additional 669,604 shares in the last quarter. Morgan Stanley lifted its stake in Taseko Mines by 95.0% during the 2nd quarter. Morgan Stanley now owns 346,703 shares of the mining company’s stock valued at $184,000 after acquiring an additional 168,889 shares in the last quarter. Finally, CIBC World Markets Inc. lifted its stake in Taseko Mines by 27.6% during the 4th quarter. CIBC World Markets Inc. now owns 437,116 shares of the mining company’s stock valued at $210,000 after acquiring an additional 94,511 shares in the last quarter.

Taseko Mines Company Profile

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties in Canada and the United States. The company explores for copper, molybdenum, gold, niobium, and silver deposits. It holds a 75% interest in the Gibraltar copper-molybdenum mine located in south-central British Columbia.

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