Teck Resources’ (TCK) “Outperform” Rating Reaffirmed at CIBC
Teck Resources Ltd. (NYSE:TCK)‘s stock had its “outperform” rating restated by equities researchers at CIBC in a note issued to investors on Thursday.
A number of other analysts have also recently issued reports on the company. Scotiabank restated a “sector perform” rating and set a $27.00 price objective on shares of Teck Resources in a research report on Wednesday. Zacks Investment Research upgraded Teck Resources from a “hold” rating to a “strong-buy” rating and set a $20.00 price objective on the stock in a research report on Wednesday, October 5th. Deutsche Bank AG upgraded Teck Resources from a “sell” rating to a “hold” rating and boosted their price objective for the company from $11.50 to $20.00 in a research report on Monday, October 3rd. TD Securities reaffirmed a “buy” rating and issued a $30.00 price target on shares of Teck Resources in a research note on Sunday, October 2nd. Finally, RBC Capital Markets reaffirmed a “sector perform” rating on shares of Teck Resources in a research note on Tuesday, September 27th. Six research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $15.88.
Teck Resources (NYSE:TCK) traded down 5.58% on Thursday, reaching $17.60. 2,667,324 shares of the company’s stock were exchanged. The firm’s 50 day moving average is $17.48 and its 200 day moving average is $13.25. The stock’s market capitalization is $10.14 billion. Teck Resources has a 1-year low of $2.56 and a 1-year high of $19.08.
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Teck Resources (NYSE:TCK) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Teck Resources had a positive return on equity of 0.39% and a negative net margin of 32.87%. Teck Resources’s quarterly revenue was down 13.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.14 earnings per share. Analysts expect that Teck Resources will post $0.63 EPS for the current year.
Several large investors have recently made changes to their positions in the company. Advisor Group Inc. acquired a new stake in shares of Teck Resources during the second quarter valued at about $105,000. Macquarie Group Ltd. purchased a new position in Teck Resources during the second quarter worth about $150,000. Fox Run Management L.L.C. purchased a new position in Teck Resources during the third quarter worth about $191,000. Commonwealth Equity Services Inc increased its position in Teck Resources by 4.9% in the second quarter. Commonwealth Equity Services Inc now owns 19,237 shares of the company’s stock worth $253,000 after buying an additional 900 shares during the last quarter. Finally, Oak Associates Ltd. OH increased its position in Teck Resources by 1.0% in the first quarter. Oak Associates Ltd. OH now owns 41,704 shares of the company’s stock worth $317,000 after buying an additional 400 shares during the last quarter. Institutional investors own 47.23% of the company’s stock.
Teck Resources Company Profile
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.
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