Zacks Investment Research cut shares of Taseko Mines Ltd (NYSE:TGB) from a buy rating to a hold rating in a report released on Thursday.

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. “

Separately, Scotiabank reaffirmed a sector perform rating and set a $0.80 price target on shares of Taseko Mines in a research note on Thursday, July 28th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $0.78.

Taseko Mines (NYSE:TGB) opened at 0.4499 on Thursday. Taseko Mines has a 52-week low of $0.23 and a 52-week high of $0.70. The company has a 50-day moving average price of $0.47 and a 200 day moving average price of $0.52. The company’s market capitalization is $99.80 million.

Taseko Mines (NYSE:TGB) last posted its quarterly earnings results on Tuesday, July 26th. The mining company reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.02. The firm had revenue of $55.01 million for the quarter, compared to analysts’ expectations of $62 million. During the same period in the previous year, the company earned $0.01 earnings per share. The business’s quarterly revenue was down 40.6% on a year-over-year basis. Equities research analysts anticipate that Taseko Mines will post ($0.21) earnings per share for the current year.

An institutional investor recently raised its position in Taseko Mines stock. Renaissance Technologies LLC raised its stake in shares of Taseko Mines Ltd (NYSE:TGB) by 21.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,067,900 shares of the mining company’s stock after buying an additional 358,700 shares during the period. Renaissance Technologies LLC owned 0.93% of Taseko Mines worth $1,166,000 at the end of the most recent reporting period.

Taseko Mines Company Profile

Taseko Mines Limited is a mining company. The Company is engaged in the production and sale of metals, as well as related activities, including exploration and mine development, within the province of British Columbia, Canada and the State of Arizona, the United States. Its operating asset is the Gibraltar Mine, a copper mine located in central British Columbia.

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