Teck Resources Ltd. (TCK) Upgraded to “Outperform” at Royal Bank Of Canada
Teck Resources Ltd. (NYSE:TCK) was upgraded by investment analysts at Royal Bank Of Canada from a “sector perform” rating to an “outperform” rating in a note issued to investors on Monday. The firm presently has a $30.00 target price on the stock, up from their previous target price of $23.00. Royal Bank Of Canada’s price objective would indicate a potential upside of 54.24% from the company’s previous close.
Several other research analysts have also recently weighed in on TCK. Credit Suisse Group AG restated a “hold” rating on shares of Teck Resources in a report on Tuesday, June 28th. TD Securities reiterated a “buy” rating and issued a $20.00 target price (up from $17.00) on shares of Teck Resources in a research note on Friday, July 1st. Zacks Investment Research cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 1st. Deutsche Bank AG reiterated a “sell” rating on shares of Teck Resources in a research note on Thursday, July 7th. Finally, Clarkson Capital upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Monday, July 18th. Six investment analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $16.55.
Shares of Teck Resources (NYSE:TCK) traded up 3.62% on Monday, reaching $19.45. 11,072,593 shares of the company were exchanged. Teck Resources has a 12-month low of $2.56 and a 12-month high of $19.75. The firm has a 50 day moving average price of $17.61 and a 200-day moving average price of $13.36. The stock’s market capitalization is $11.21 billion.
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Teck Resources (NYSE:TCK) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.01 earnings per share for the quarter, topping 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 business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the company earned $0.14 earnings per share. The firm’s revenue for the quarter was down 13.0% compared to the same quarter last year. On average, analysts predict that Teck Resources will post $0.63 EPS for the current fiscal year.
A number of large investors have recently made changes to their positions in TCK. Gulf International Bank UK Ltd boosted its stake in shares of Teck Resources by 2.9% in the third quarter. Gulf International Bank UK Ltd now owns 169,092 shares of the company’s stock valued at $3,046,000 after buying an additional 4,700 shares during the last quarter. Capstone Asset Management Co. boosted its stake in shares of 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 last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Teck Resources during the third quarter valued at $191,000. British Columbia Investment Management Corp boosted its stake in shares of Teck Resources by 3.1% in the third quarter. British Columbia Investment Management Corp now owns 87,200 shares of the company’s stock valued at $1,196,000 after buying an additional 2,600 shares during the last quarter. Finally, Macquarie Group Ltd. purchased a new stake in shares of Teck Resources during the second quarter valued at $150,000. 47.22% of the stock is owned by institutional investors and hedge funds.
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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