Teck Resources Ltd. (TCK) Raised to “Outperform” at RBC Capital Markets
Teck Resources Ltd. (NYSE:TCK) was upgraded by research analysts at RBC Capital Markets from a “sector perform” rating to an “outperform” rating in a note issued to investors on Monday, The Fly reports.
A number of other research analysts also recently commented on TCK. Raymond James Financial Inc. reaffirmed a “market perform” rating and issued a $21.00 price target (up previously from $19.00) on shares of Teck Resources in a research note on Thursday, August 25th. Barclays PLC reaffirmed an “underweight” rating on shares of Teck Resources in a research note on Wednesday, August 3rd. Scotiabank reissued a “sector perform” rating and set a $27.00 target price on shares of Teck Resources in a research note on Wednesday, October 12th. Zacks Investment Research raised Teck Resources from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Saturday, July 9th. Finally, Credit Suisse Group AG reissued a “hold” rating on shares of Teck Resources in a research note on Tuesday, June 28th. Six analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $16.21.
Teck Resources (NYSE:TCK) opened at 18.77 on Monday. The company’s market cap is $10.82 billion. The company’s 50-day moving average is $17.61 and its 200 day moving average is $13.36. 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 posted its quarterly earnings results on Thursday, July 28th. The company reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. The business earned $1.74 billion during the quarter, compared to the consensus estimate 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 revenue for the quarter was down 13.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 earnings per share. On average, equities analysts predict that Teck Resources will post $0.63 EPS for the current fiscal year.
Several institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its position in shares of Teck Resources by 44.1% in the second quarter. Bank of New York Mellon Corp now owns 1,288,642 shares of the company’s stock worth $16,972,000 after buying an additional 394,476 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new position in shares of Teck Resources during the second quarter worth $600,000. Montrusco Bolton Investments Inc. purchased a new position in shares of Teck Resources during the second quarter worth $8,035,000. Acadian Asset Management LLC purchased a new position in shares of Teck Resources during the second quarter worth $33,966,000. Finally, Foundation Resource Management Inc. raised its position in shares of Teck Resources by 0.5% in the second quarter. Foundation Resource Management Inc. now owns 1,742,457 shares of the company’s stock worth $22,948,000 after buying an additional 9,174 shares during the last quarter. Hedge funds and other institutional investors own 47.22% 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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