Teck Resources Ltd. (TCK) Upgraded to “Outperform” by Credit Suisse Group AG
Teck Resources Ltd. (NYSE:TCK) was upgraded by Credit Suisse Group AG from a “neutral” rating to an “outperform” rating in a report released on Monday, The Fly reports.
TCK has been the topic of several other research reports. Dundee Securities raised Teck Resources from a “neutral” rating to a “buy” rating in a research note on Friday. BMO Capital Markets reissued a “hold” rating and issued a $16.00 target price on shares of Teck Resources in a research note on Wednesday, August 31st. Zacks Investment Research raised Teck Resources from a “hold” rating to a “strong-buy” rating and set a $20.00 target price on the stock in a research note on Wednesday, October 5th. Deutsche Bank AG reissued a “sell” rating on shares of Teck Resources in a research note on Thursday, July 7th. Finally, CIBC reissued an “outperform” rating on shares of Teck Resources in a research note on Thursday. Six investment analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $16.21.
Teck Resources (NYSE:TCK) traded up 3.30% during midday trading on Monday, hitting $19.39. 2,055,268 shares of the stock were exchanged. The stock’s market cap is $11.18 billion. Teck Resources has a 12-month low of $2.56 and a 12-month high of $19.49. The firm has a 50 day moving average of $17.61 and a 200-day moving average of $13.36.
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Teck Resources (NYSE:TCK) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.01 earnings per share (EPS) 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 business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the firm posted $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, equities analysts expect that Teck Resources will post $0.63 earnings per share for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of TCK. Gulf International Bank UK Ltd increased its position 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 in the last quarter. Capstone Asset Management Co. increased its position 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 in the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Teck Resources during the third quarter valued at approximately $191,000. British Columbia Investment Management Corp increased its position 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 in the last quarter. Finally, Macquarie Group Ltd. acquired a new position in shares of Teck Resources during the second quarter valued at approximately $150,000. 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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