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

Taseko Mines Limited (NYSE:TGB) experienced a notable gap up in its stock price before trading commenced on Thursday. The shares closed at $1.97 but opened higher at $2.03. As of the last trading session, Taseko Mines shares were at $1.98, with a trading volume of 113,387 shares.

Recent Analyst Ratings for Taseko Mines

TGB has drawn attention from various analysts in recent weeks. On December 10th, National Bank Financial upgraded Taseko Mines from a "sector perform" rating to an "outperform" rating. Following that, StockNews.com changed its stance on Taseko Mines from a "sell" rating to a "hold" rating on December 11th. Overall, one research analyst rated the stock as a hold, while three analysts provided buy ratings and one analyst assigned a strong buy rating. According to MarketBeat, Taseko Mines has an average rating of "Buy" and a consensus price target set at $3.50.

Current Trading Metrics for Taseko Mines

The company exhibits a quick ratio of 1.05, a current ratio of 1.71, and a debt-to-equity ratio of 1.48. With a market capitalization of $606 million, it possesses a price-to-earnings (P/E) ratio of 10.47 and a beta of 1.72. The 50-day and 200-day simple moving averages for the stock stand at $2.12 and $2.24, respectively.

Taseko Mines last reported its earnings results on November 6th. The company reported earnings of $0.02 per share for the quarter, which fell short of the consensus estimate of $0.04 by $0.02. The return on equity for Taseko Mines was at 15.25%, with a net margin of 12.69%. The firm generated revenue of $114.08 million for the quarter, which exceeded analysts' expectations of $112.48 million. Analysts forecast an EPS of $0.14 for the ongoing year.

Institutional Investors and Their Holdings in Taseko Mines

Several institutional investors have recently adjusted their positions in TGB. Tidal Investments LLC expanded its ownership in Taseko Mines by 82.3% during the third quarter, acquiring an additional 6,182,981 shares. Currently, Tidal Investments holds 13,693,081 shares valued at approximately $34.51 million. Bank of Montreal Can also increased its stake in Taseko Mines by 296.8% during the third quarter, bringing its total to 3,160,574 shares worth $8.23 million. Renaissance Technologies LLC increased its holdings by 14.7%, owning 5,904,270 shares valued at around $14.47 million. American Century Companies Inc. grew its stake by 752.2% in the second quarter, owning 703,954 shares valued at $1.73 million. Additionally, ClariVest Asset Management LLC established a new position valued at about $1.19 million. Approximately 17.94% of the stock is held by institutional investors.

About Taseko Mines Limited

Taseko Mines Limited is a mining company that focuses on acquiring, developing, and operating mineral properties. The company explores for various deposits, including copper, molybdenum, gold, niobium, and silver. Its primary asset is the Gibraltar mine, which is fully owned and located in British Columbia. Taseko also has interests in other projects, such as the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project, all situated in British Columbia, as well as the Florence copper project located in Arizona.

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Taseko, Mines, Stocks