Scotiabank Reiterates Sector Perform Rating for Teck Resources Ltd. (TCK)
Teck Resources Ltd. (NYSE:TCK)‘s stock had its “sector perform” rating reiterated by research analysts at Scotiabank in a report released on Wednesday. They currently have a $27.00 price target on the stock. Scotiabank’s target price indicates a potential upside of 44.85% from the company’s previous close.
Other equities research analysts have also issued reports about the stock. TD Securities reiterated a “buy” rating and issued a $22.00 price target on shares of Teck Resources in a research note on Tuesday, July 26th. Clarkson Capital raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Monday, July 18th. Zacks Investment Research raised shares of Teck Resources from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research report on Saturday, July 9th. Morgan Stanley raised shares of Teck Resources from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $7.00 to $18.00 in a research report on Thursday, September 15th. Finally, Canaccord Genuity raised shares of Teck Resources from a “sell” rating to a “hold” rating and lifted their price objective for the company from $8.00 to $16.50 in a research report on Tuesday, July 26th. Six analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Teck Resources currently has an average rating of “Hold” and a consensus price target of $15.88.
Shares of Teck Resources (NYSE:TCK) traded up 1.64% on Wednesday, hitting $18.64. 6,785,913 shares of the stock were exchanged. The firm’s market capitalization is $10.74 billion. Teck Resources has a one year low of $2.56 and a one year high of $19.08. The company has a 50-day moving average price of $17.41 and a 200-day moving average price of $13.21.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/12/scotiabank-reiterates-sector-perform-rating-for-teck-resources-ltd-tck.html
Teck Resources (NYSE:TCK) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.02. Teck Resources had a negative net margin of 32.87% and a positive return on equity of 0.39%. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the business earned $0.14 EPS. The company’s revenue was down 13.0% compared to the same quarter last year. Equities research analysts expect that Teck Resources will post $0.63 earnings per share for the current year.
Large investors have recently bought and sold shares of the company. Hexavest Inc. acquired a new stake in Teck Resources during the fourth quarter worth $1,895,000. Great West Life Assurance Co. Can raised its stake in Teck Resources by 9.2% in the fourth quarter. Great West Life Assurance Co. Can now owns 3,234,232 shares of the company’s stock worth $12,482,000 after buying an additional 273,237 shares during the last quarter. Korea Investment CORP raised its stake in Teck Resources by 6.4% in the fourth quarter. Korea Investment CORP now owns 612,700 shares of the company’s stock worth $2,355,000 after buying an additional 36,900 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in Teck Resources by 46.4% in the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 5,318,617 shares of the company’s stock worth $28,401,000 after buying an additional 1,686,000 shares during the last quarter. Finally, Letko Brosseau & Associates Inc. raised its stake in Teck Resources by 29.7% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 23,379,656 shares of the company’s stock worth $90,208,000 after buying an additional 5,348,465 shares during the last quarter. 47.23% of the stock is currently owned by hedge funds and other institutional investors.
About Teck Resources
Teck Resources Limited is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company operates through five segments: steelmaking coal, copper, zinc, energy and corporate. Through its interests in mining and processing operations in Canada, the United States, Chile and Peru, the Company exports seaborne steelmaking coal and produces mined zinc.
Receive News & Ratings for Teck Resources Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teck Resources Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.