Teck Resources Ltd (TECK) Downgraded by BidaskClub
Teck Resources Ltd (NYSE:TECK) (TSE:TECK) was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.
Other research analysts have also issued reports about the stock. Bank of America Corporation raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Friday, June 30th. Zacks Investment Research lowered shares of Teck Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. BMO Capital Markets raised their price target on shares of Teck Resources from $40.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, September 25th. Raymond James Financial, Inc. reaffirmed an “outperform” rating on shares of Teck Resources in a research note on Tuesday, August 15th. Finally, MKM Partners reaffirmed a “buy” rating and issued a $28.00 price target (up from $25.00) on shares of Teck Resources in a research note on Thursday, August 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $31.18.
Shares of Teck Resources (NYSE:TECK) opened at 20.86 on Friday. The company has a 50 day moving average price of $22.37 and a 200-day moving average price of $20.63. Teck Resources has a 52-week low of $14.56 and a 52-week high of $26.60. The stock has a market capitalization of $12.05 billion, a P/E ratio of 7.17 and a beta of 1.20.
Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, July 27th. The basic materials company reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. Teck Resources had a return on equity of 15.61% and a net margin of 19.72%. The firm had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.75 billion. The firm’s revenue for the quarter was up 62.0% compared to the same quarter last year. On average, analysts predict that Teck Resources will post $3.55 earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Analysts LLC acquired a new stake in shares of Teck Resources during the 2nd quarter worth approximately $100,000. Winslow Evans & Crocker Inc. acquired a new stake in shares of Teck Resources during the 2nd quarter worth approximately $108,000. Financial Architects Inc acquired a new stake in shares of Teck Resources during the 2nd quarter worth approximately $123,000. PNC Financial Services Group Inc. acquired a new stake in shares of Teck Resources during the 2nd quarter worth approximately $124,000. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of Teck Resources during the 2nd quarter worth approximately $164,000. Institutional investors and hedge funds own 47.17% of the company’s stock.
Teck Resources Company Profile
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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