Teck Resources Ltd. (TCK) Upgraded to “Outperform” at National Bank Financial
Teck Resources Ltd. (NYSE:TCK) was upgraded by equities researchers at National Bank Financial from a “sector perform” rating to an “outperform” rating in a research note issued on Tuesday.
A number of other analysts 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 restated a “buy” rating and issued a $20.00 price objective (up from $17.00) on shares of Teck Resources in a report on Friday, July 1st. Zacks Investment Research downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, July 1st. Deutsche Bank AG restated a “sell” rating on shares of Teck Resources in a report on Thursday, July 7th. Finally, Clarkson Capital upgraded Teck Resources from a “neutral” rating to a “buy” rating in a report on Monday, July 18th. Six research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Teck Resources currently has an average rating of “Hold” and a consensus target price of $16.55.
Shares of Teck Resources (NYSE:TCK) traded up 3.75% during mid-day trading on Tuesday, hitting $20.18. The stock had a trading volume of 3,602,470 shares. Teck Resources has a 1-year low of $2.56 and a 1-year high of $20.32. The company’s market cap is $11.63 billion. The firm’s 50 day moving average price is $17.71 and its 200 day moving average price is $13.53.
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Teck Resources (NYSE:TCK) last announced 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. Teck Resources had a positive return on equity of 0.39% and a negative net margin of 32.87%. The company earned $1.74 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the company earned $0.14 EPS. Teck Resources’s revenue was down 13.0% compared to the same quarter last year. Analysts predict that Teck Resources will post $0.63 earnings per share for the current fiscal year.
Several large investors have recently modified their holdings of TCK. Dodge & Cox raised its position in Teck Resources by 0.9% in the first quarter. Dodge & Cox now owns 58,085,503 shares of the company’s stock worth $442,031,000 after buying an additional 501,242 shares in the last quarter. Capital Research Global Investors raised its position in Teck Resources by 822.8% in the second quarter. Capital Research Global Investors now owns 28,054,000 shares of the company’s stock worth $369,363,000 after buying an additional 25,014,000 shares in the last quarter. Impala Asset Management LLC raised its position in Teck Resources by 8.8% in the second quarter. Impala Asset Management LLC now owns 9,350,097 shares of the company’s stock worth $123,141,000 after buying an additional 758,846 shares in the last quarter. Vanguard Group Inc. raised its position in Teck Resources by 11.7% in the second quarter. Vanguard Group Inc. now owns 9,181,132 shares of the company’s stock worth $120,916,000 after buying an additional 962,100 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new position in Teck Resources during the second quarter worth $84,610,000. 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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