Taseko Mines (NYSE:TGB) Shares Jump - Is It Still a Good Investment?

Taseko Mines Limited (NYSE:TGB) made headlines recently as its shares gapped up before trading on Thursday. The stock closed the previous day at $1.97 and opened at $2.03. As of the latest trading session, Taseko Mines shares were priced at $1.98, with a trading volume of 113,387 shares.

Changing Analyst Ratings

In recent weeks, various analysts have updated their ratings on Taseko Mines. Notably, National Bank Financial upgraded the stock from a “sector perform” rating to an “outperform” rating on December 10th. Similarly, StockNews.com raised Taseko Mines from a “sell” rating to a “hold” rating on December 11th. Analysis shows that one research analyst gives the stock a hold rating, three have a buy rating, and one has issued a strong buy rating. According to MarketBeat data, the stock has an average rating of “Buy,” with a consensus price target of $3.50.

Taseko Mines Performance Overview

Recently, Taseko Mines shares have seen a slight increase of 0.5%. The company reports a quick ratio of 1.05, a current ratio of 1.71, and a debt-to-equity ratio of 1.48. Taseko Mines holds a market capitalization of $606 million and a price-to-earnings (P/E) ratio of 10.47. The stock's beta is recorded at 1.72, which indicates higher volatility compared to the market. The 50-day simple moving average stands at $2.12, while the 200-day moving average is set at $2.24.

On November 6th, Taseko Mines announced its earnings results, showing earnings per share (EPS) of $0.02 for the quarter, which fell short of the consensus estimate of $0.04 by $0.02. The company reported a return on equity of 15.25% and a net margin of 12.69%. Revenue for the quarter reached $114.08 million, slightly surpassing projections of $112.48 million. Analysts predict that Taseko Mines Limited will achieve an EPS of 0.14 for the current fiscal year.

Institutional Investor Activity

A number of institutional investors have recently adjusted their holdings in Taseko Mines. Tidal Investments LLC increased its stake in Taseko Mines by an impressive 82.3% in the third quarter, now holding 13,693,081 shares valued at $34,507,000 after acquiring an additional 6,182,981 shares. Bank of Montreal Can raised its position by 296.8%, owning 3,160,574 shares worth $8,225,000 following the purchase of 2,364,116 shares. Renaissance Technologies LLC grew its holdings by 14.7% during the second quarter, now owning 5,904,270 shares valued at $14,465,000. American Century Companies Inc. increased its stake dramatically by 752.2% in the second quarter, now owning 703,954 shares valued at approximately $1,734,000. Additionally, ClariVest Asset Management LLC entered a new position in Taseko Mines during the second quarter, investing around $1,192,000. Currently, institutional investors own 17.94% of Taseko Mines stock.

Insight into Taseko Mines

Taseko Mines Limited specializes in acquiring, developing, and operating mineral properties. The company primarily explores for various resources including copper, molybdenum, gold, niobium, and silver. Its flagship asset is a 100% ownership interest in the Gibraltar mine located in British Columbia. Taseko Mines also has interests in several other projects in British Columbia, such as the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project; as well as the Florence copper project located in Arizona.

Taseko, Stocks, Investment