Teck Resources Ltd. (TCK) Coverage Initiated by Analysts at Bank of America Corp.
Equities researchers at Bank of America Corp. initiated coverage on shares of Teck Resources Ltd. (NYSE:TCK) in a research report issued on Monday, The Fly reports. The brokerage set a “buy” rating on the stock.
Several other equities research analysts have also recently weighed in on TCK. Credit Suisse Group AG raised Teck Resources from a “neutral” rating to an “outperform” rating in a research report on Monday. RBC Capital Markets upgraded Teck Resources from a “sector perform” rating to an “outperform” rating in a research note on Monday. Royal Bank Of Canada upgraded Teck Resources from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $23.00 to $30.00 in a research note on Monday. Raymond James Financial Inc. restated a “market perform” rating and issued a $21.00 target price (up from $19.00) on shares of Teck Resources in a research note on Thursday, August 25th. Finally, Barclays PLC restated an “underweight” rating on shares of Teck Resources in a research note on Wednesday, August 3rd. Six analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $16.21.
Shares of Teck Resources (NYSE:TCK) opened at 18.77 on Monday. The firm’s market cap is $10.82 billion. The company has a 50-day moving average of $17.61 and a 200 day moving average of $13.36. Teck Resources has a 12-month low of $2.56 and a 12-month high of $19.08.
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Teck Resources (NYSE:TCK) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.02. Teck Resources had a positive return on equity of 0.39% and a negative net margin of 32.87%. The company earned $1.74 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the business earned $0.14 earnings per share. Teck Resources’s revenue for the quarter was down 13.0% compared to the same quarter last year. Equities analysts predict that Teck Resources will post $0.63 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the stock. Wetherby Asset Management Inc. boosted its position in Teck Resources by 1.0% in the second quarter. Wetherby Asset Management Inc. now owns 33,318 shares of the company’s stock valued at $439,000 after buying an additional 336 shares during the period. Oak Associates Ltd. OH boosted 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 valued at $317,000 after buying an additional 400 shares during the period. Commonwealth Equity Services Inc boosted 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 valued at $253,000 after buying an additional 900 shares during the period. Raymond James & Associates boosted its position in Teck Resources by 3.4% in the second quarter. Raymond James & Associates now owns 42,964 shares of the company’s stock valued at $566,000 after buying an additional 1,430 shares during the period. Finally, Capstone Asset Management Co. boosted its position in Teck Resources by 4.7% in the third quarter. Capstone Asset Management Co. now owns 33,644 shares of the company’s stock valued at $607,000 after buying an additional 1,520 shares during the period. Institutional investors and hedge funds own 47.22% 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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