Wall Street Analyst Upgrade Taseko Mines Limited [TGB]. What else is Wall St. saying

Taseko Mines Limited [AMEX: TGB] gained 23.20% or 0.29 points to close at $1.54 with a heavy trading volume of 4793911 shares. The company report on December 20, 2022 that TASEKO AND MITSUI ENTER STRATEGIC PARTNERSHIP TO DEVELOP FLORENCE COPPER.

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Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) (“Taseko” or the “Company”) is pleased to announce it has signed agreements with Mitsui & Co. (U.S.A.) Inc. (“Mitsui”) to form a strategic partnership to develop the Company’s Florence Copper project (the “Project”), located in Arizona USA.

Mitsui has committed to an initial investment of US$50 million, with proceeds to be used for construction of the commercial production facility.  The initial investment will be in the form of a copper stream agreement (the “Copper Stream”) on 2.67% of the copper produced at Florence Copper.

It opened the trading session at $1.32, the shares rose to $1.55 and dropped to $1.32, the range by which the price of stock traded the whole day. The daily chart for TGB points out that the company has recorded 29.41% gains over the past six months. However, it is still -73.03% lower than its most recent low trading price.

If we look at the average trading volume of 1.48M shares, TGB reached to a volume of 4793911 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Taseko Mines Limited [TGB]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for TGB shares is $1.89 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on TGB stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Stifel have made an estimate for Taseko Mines Limited shares, keeping their opinion on the stock as Buy, with their previous recommendation back on April 19, 2022. The new note on the price target was released on December 16, 2020, representing the official price target for Taseko Mines Limited stock.

The Average True Range (ATR) for Taseko Mines Limited is set at 0.10, with the Price to Sales ratio for TGB stock in the period of the last 12 months amounting to 1.49. The Price to Book ratio for the last quarter was 1.67, with the Price to Cash per share for the same quarter was set at 0.38. Price to Free Cash Flow for TGB in the course of the last twelve months was 6.15 with Quick ratio for the last quarter at 1.70.

Trading performance analysis for TGB stock

Taseko Mines Limited [TGB] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 20.31. With this latest performance, TGB shares gained by 22.22% in over the last four-week period, additionally plugging by 29.41% over the last 6 months – not to mention a drop of -16.76% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for TGB stock in for the last two-week period is set at 65.06, with the RSI for the last a single of trading hit 70.19, and the three-weeks RSI is set at 62.02 for Taseko Mines Limited [TGB]. The present Moving Average for the last 50 days of trading for this stock 1.2386, while it was recorded at 1.3260 for the last single week of trading, and 1.4170 for the last 200 days.

Taseko Mines Limited [TGB]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Taseko Mines Limited [TGB] shares currently have an operating margin of +31.85 and a Gross Margin at +37.09. Taseko Mines Limited’s Net Margin is presently recorded at +8.52.

Return on Equity for this stock inclined to 10.79, with Return on Assets sitting at 3.48.

Taseko Mines Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.70 and a Current Ratio set at 2.30.

An analysis of insider ownership at Taseko Mines Limited [TGB]

There are presently around $85 million, or 22.50% of TGB stock, in the hands of institutional investors. The top three institutional holders of TGB stocks are: BLACKROCK INC. with ownership of 9,769,733, which is approximately 38.782% of the company’s market cap and around 2.30% of the total institutional ownership; DIAMOND HILL CAPITAL MANAGEMENT INC, holding 9,000,026 shares of the stock with an approximate value of $13.86 million in TGB stocks shares; and CONNOR, CLARK & LUNN INVESTMENT MANAGEMENT LTD., currently with $9.78 million in TGB stock with ownership of nearly -6.103% of the company’s market capitalization.

Positions in Taseko Mines Limited stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 27 institutional holders increased their position in Taseko Mines Limited [AMEX:TGB] by around 6,611,489 shares. Additionally, 45 investors decreased positions by around 13,636,144 shares, while 28 investors held positions by with 35,181,549 shares. The mentioned changes placed institutional holdings at 55,429,182 shares, according to the latest SEC report filing. TGB stock had 8 new institutional investments in for a total of 233,796 shares, while 19 institutional investors sold positions of 3,762,778 shares during the same period.

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