Teck Resources Ltd. to Post Q3 2016 Earnings of $0.23 Per Share, Raymond James Financial Forecasts (TCK)
Teck Resources Ltd. (NYSE:TCK) – Research analysts at Raymond James Financial upped their Q3 2016 earnings estimates for shares of Teck Resources in a research report issued on Thursday. Raymond James Financial analyst A. Terentiew now anticipates that the brokerage will post earnings of $0.23 per share for the quarter, up from their prior estimate of $0.21. Raymond James Financial currently has a “Market Perform” rating and a $21.00 target price on the stock.
Teck Resources (NYSE:TCK) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The firm 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%. The firm’s revenue was down 13.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 EPS.
Several other analysts also recently weighed in on the company. Dundee Securities upgraded Teck Resources from a “neutral” rating to a “buy” rating in a research note on Friday. CIBC restated an “outperform” rating on shares of Teck Resources in a research note on Thursday. Scotiabank restated 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 upgraded Teck Resources from a “hold” rating to a “strong-buy” rating and set a $20.00 target price for the company in a research note on Wednesday, October 5th. Finally, Deutsche Bank AG upgraded Teck Resources from a “sell” rating to a “hold” rating and lifted their price target for the stock from $11.50 to $20.00 in a research note on Monday, October 3rd. Six research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $15.88.
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Shares of Teck Resources (NYSE:TCK) opened at 18.77 on Monday. The firm’s 50-day moving average price is $17.61 and its 200 day moving average price is $13.36. The stock’s market capitalization is $10.82 billion. Teck Resources has a 1-year low of $2.56 and a 1-year high of $19.08.
A number of hedge funds and other institutional investors have recently bought and sold shares of TCK. Canada Pension Plan Investment Board raised its position in Teck Resources by 190.3% in the first quarter. Canada Pension Plan Investment Board now owns 153,615 shares of the company’s stock valued at $1,170,000 after buying an additional 100,700 shares during the period. AMP Capital Investors Ltd boosted its position in Teck Resources by 3.0% in the first quarter. AMP Capital Investors Ltd now owns 278,011 shares of the company’s stock valued at $2,180,000 after buying an additional 8,100 shares during the last quarter. One Capital Management LLC boosted its position in Teck Resources by 15.9% in the first quarter. One Capital Management LLC now owns 193,015 shares of the company’s stock valued at $1,469,000 after buying an additional 26,451 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its position in Teck Resources by 27.9% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 36,123 shares of the company’s stock valued at $476,000 after buying an additional 7,887 shares during the last quarter. Finally, Swiss National Bank boosted its position in Teck Resources by 4.1% in the second quarter. Swiss National Bank now owns 3,207,479 shares of the company’s stock valued at $42,024,000 after buying an additional 126,600 shares during the last quarter. Hedge funds and other institutional investors own 47.23% 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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