Taseko Mines Target of Unusually Large Options Trading (NYSEAMERICAN:TGB)

Key Points

• Options activity surged: Traders purchased 14,592 Taseko Mines call options, approximately 506% above the stock’s average daily call-option volume.
• Analysts remain generally positive: Four analysts rate the stock a Buy and one rates it Hold, producing a “Moderate Buy” consensus and a $9.00 average price target. Canaccord Genuity also raised its target to C$14.00.
• Shares advanced to $7.67: Taseko Mines has risen from a 52-week low of $3.00 but remains below its 52-week high of $9.25; institutional investors own 17.94% of the company.

Taseko Mines Limited (NYSEAMERICAN:TGB - Get Free Report) saw unusually large options trading on Tuesday. Traders purchased 14,592 call options on the stock. This is an increase of approximately 506% compared to the average daily volume of 2,406 call options.

Analysts Set New Price Targets

Several brokerages have recently commented on TGB. Zacks Research upgraded shares of Taseko Mines from a "strong sell" rating to a "hold" rating in a report on Monday, June 15th. Cantor Fitzgerald raised Taseko Mines from a "buy" rating to a "buy" rating and set a $9.00 price objective for the company in a research report on Thursday, May 7th. Finally, Canaccord Genuity Group raised their target price on shares of Taseko Mines from C$13.50 to C$14.00 and gave the company a "buy" rating in a report on Tuesday, April 21st. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $9.00.

Taseko Mines Stock Performance

Shares of NYSEAMERICAN:TGB traded up $0.69 during trading on Tuesday, reaching $7.67. The company had a trading volume of 2,654,294 shares, compared to its average volume of 6,024,299. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.37 and a quick ratio of 0.76. The stock's fifty day moving average price is $7.08 and its 200 day moving average price is $7.24. Taseko Mines has a fifty-two week low of $3.00 and a fifty-two week high of $9.25. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of 255.25 and a beta of 1.31.

Institutional Trading of Taseko Mines

Several hedge funds and other institutional investors have recently bought and sold shares of the company. L1 Capital Pty Ltd increased its stake in shares of Taseko Mines by 45.2% during the 4th quarter. L1 Capital Pty Ltd now owns 35,545,632 shares of the company's stock valued at $201,190,000 after acquiring an additional 11,066,233 shares during the last quarter. TD Asset Management Inc boosted its holdings in Taseko Mines by 815.7% in the fourth quarter. TD Asset Management Inc now owns 3,635,594 shares of the company's stock valued at $20,608,000 after acquiring an additional 3,238,558 shares during the last quarter. Bank of America Corp DE grew its position in Taseko Mines by 215.3% during the first quarter. Bank of America Corp DE now owns 4,577,781 shares of the company's stock valued at $29,527,000 after acquiring an additional 3,125,829 shares during the period. Mackenzie Financial Corp grew its holdings in shares of Taseko Mines by 78.6% during the 4th quarter. Mackenzie Financial Corp now owns 6,350,898 shares of the company's stock worth $35,818,000 after purchasing an additional 2,794,210 shares during the period. Finally, Hatch Cove Capital LLC purchased a new position in Taseko Mines in the fourth quarter valued at approximately $14,773,000. 17.94% of the stock is owned by hedge funds and other institutional investors.

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.

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