Teck Resources Ltd. (TCK) Rating Increased to Buy at Dundee Securities
Teck Resources Ltd. (NYSE:TCK) was upgraded by research analysts at Dundee Securities from a “neutral” rating to a “buy” rating in a report released on Friday, The Fly reports.
Several other equities research analysts have also commented on the stock. TD Securities reissued a “buy” rating and issued a $30.00 price target on shares of Teck Resources in a report on Sunday, October 2nd. Berenberg Bank initiated coverage on shares of Teck Resources in a report on Friday, August 19th. They issued a “sell” rating and a $10.00 price target for the company. Clarkson Capital raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a report on Monday, July 18th. Deutsche Bank AG reissued a “sell” rating on shares of Teck Resources in a report on Thursday, July 7th. Finally, FBR & Co lifted their target price on shares of Teck Resources from $15.00 to $16.00 and gave the stock a “mkt perform” rating in a research note on Wednesday, July 20th. Six research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Teck Resources has a consensus rating of “Hold” and an average target price of $15.88.
Shares of Teck Resources (NYSE:TCK) traded up 3.20% during midday trading on Friday, hitting $18.69. 5,114,529 shares of the stock traded hands. The stock’s market cap is $10.77 billion. Teck Resources has a 12-month low of $2.56 and a 12-month high of $19.08. The company’s 50 day moving average price is $17.54 and its 200-day moving average price is $13.28.
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Teck Resources (NYSE:TCK) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.02. The company earned $1.74 billion during the quarter, compared to analyst estimates of $1.33 billion. Teck Resources had a negative net margin of 32.87% and a positive return on equity of 0.39%. The firm’s revenue was down 13.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 EPS. On average, equities research analysts expect that Teck Resources will post $0.63 EPS for the current year.
Several hedge funds have recently added to or reduced their stakes in TCK. Hexavest Inc. purchased 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. Hedge funds and other institutional investors own 47.23% of the company’s stock.
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.
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