Taseko Mines (NYSE:TGB) Shares Gap Up – Here’s Why

Shares of Taseko Mines Limited (NYSE:TGB) gapped up prior to trading on Monday . The stock had previously closed at $7.63, but opened at $8.15. Taseko Mines shares last traded at $8.1890, with a volume of 1,960,673 shares changing hands.

Analysts Set New Price Targets

Separately, BMO Capital Markets reissued an “outperform” rating on shares of Taseko Mines in a report on Wednesday, January 14th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Taseko Mines presently has a consensus rating of “Moderate Buy” and an average target price of $5.00.

Taseko Mines Stock Up 2.7%

The firm has a market capitalization of $2.83 billion, a PE ratio of -260.17 and a beta of 1.27. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.71 and a quick ratio of 1.05. The company has a 50-day moving average price of $5.64 and a 200 day moving average price of $4.40.

Hedge Funds Weigh In On Taseko Mines

Institutional investors and hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC purchased a new position in Taseko Mines in the third quarter valued at about $49,000. Brevan Howard Capital Management LP bought a new stake in shares of Taseko Mines in the 3rd quarter valued at about $61,000. Swiss Life Asset Management Ltd purchased a new position in shares of Taseko Mines in the 3rd quarter worth approximately $61,000. SIH Partners LLLP bought a new position in shares of Taseko Mines during the 3rd quarter worth approximately $62,000. Finally, BIP Wealth LLC purchased a new stake in Taseko Mines during the fourth quarter valued at approximately $89,000. Hedge funds and other institutional investors 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. The Florence Copper project in Arizona employs an in‐situ recovery process to extract copper, positioning it as one of North America’s first large‐scale applications of this technology.