Taseko Mines (NYSEAMERICAN:TGB) Shares Gap Up – Still a Buy?

Taseko Mines Limited (NYSEAMERICAN:TGB)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $5.96, but opened at $6.40. Taseko Mines shares last traded at $6.2580, with a volume of 1,087,760 shares traded.

Analyst Upgrades and Downgrades

TGB has been the topic of several recent research reports. TD Securities reaffirmed a “buy” rating on shares of Taseko Mines in a research note on Monday, February 23rd. BMO Capital Markets reissued an “outperform” rating on shares of Taseko Mines in a research note on Wednesday, January 14th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $5.00.

Taseko Mines Stock Performance

The firm has a fifty day moving average price of $7.59 and a 200 day moving average price of $5.70. The company has a current ratio of 1.50, a quick ratio of 0.92 and a debt-to-equity ratio of 0.91. The firm has a market cap of $2.27 billion, a PE ratio of -89.20 and a beta of 1.18.

Institutional Trading of Taseko Mines

A number of hedge funds and other institutional investors have recently made changes to their positions in TGB. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Taseko Mines during the 1st quarter valued at approximately $65,000. Goldman Sachs Group Inc. increased its position in shares of Taseko Mines by 198.9% during the first quarter. Goldman Sachs Group Inc. now owns 988,072 shares of the company’s stock valued at $2,213,000 after acquiring an additional 657,477 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Taseko Mines by 10.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,541,741 shares of the company’s stock worth $3,454,000 after acquiring an additional 146,154 shares during the last quarter. Focus Partners Wealth boosted its position in shares of Taseko Mines by 19.9% during the 1st quarter. Focus Partners Wealth now owns 60,200 shares of the company’s stock worth $135,000 after purchasing an additional 10,000 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Taseko Mines by 8.0% in the 2nd quarter. Geode Capital Management LLC now owns 179,245 shares of the company’s stock valued at $564,000 after purchasing an additional 13,261 shares during the last quarter. Institutional investors and hedge funds own 17.94% of the company’s stock.

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.