Teck Resources Ltd. (TCK) Upgraded to “Outperform” by RBC Capital Markets
Teck Resources Ltd. (NYSE:TCK) was upgraded by RBC Capital Markets from a “sector perform” rating to an “outperform” rating in a research note issued to investors on Monday. The firm currently has a $30.00 price target on the stock, up from their previous price target of $23.00. RBC Capital Markets’ target price would suggest a potential upside of 54.24% from the company’s current price.
TCK has been the topic of several other research reports. Dundee Securities upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Friday. BMO Capital Markets restated a “hold” rating and issued a $16.00 price target on shares of Teck Resources in a research report on Wednesday, August 31st. Zacks Investment Research upgraded shares of Teck Resources from a “hold” rating to a “strong-buy” rating and set a $20.00 price target on the stock in a research report on Wednesday, October 5th. Deutsche Bank AG restated a “sell” rating on shares of Teck Resources in a research report on Thursday, July 7th. Finally, CIBC restated an “outperform” rating on shares of Teck Resources in a research report on Thursday. Six research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $16.55.
Teck Resources (NYSE:TCK) traded up 3.62% during midday trading on Monday, hitting $19.45. The company had a trading volume of 11,072,593 shares. The stock’s market cap is $11.21 billion. Teck Resources has a 12-month low of $2.56 and a 12-month high of $19.75. The company’s 50 day moving average is $17.66 and its 200 day moving average is $13.49.
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Teck Resources (NYSE:TCK) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The firm had revenue of $1.74 billion for 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 quarterly revenue was down 13.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.14 earnings per share. On average, equities analysts anticipate that Teck Resources will post $0.63 EPS for the current fiscal year.
Several large investors have recently added to or reduced their stakes in TCK. Wetherby Asset Management Inc. increased its position in shares of 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 increased its position in shares of 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 increased its position in shares of 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 increased its position in shares of 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. 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 during the period. 47.22% of the stock is owned by institutional investors and hedge funds.
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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