Teck Resources Ltd. (TCK) Receives Buy Rating from TD Securities
Teck Resources Ltd. (NYSE:TCK)‘s stock had its “buy” rating reaffirmed by equities research analysts at TD Securities in a research report issued on Sunday. They presently have a $30.00 target price on the stock. TD Securities’ target price points to a potential upside of 66.39% from the company’s previous close.
Several other analysts have also recently weighed in on TCK. BMO Capital Markets restated a “hold” rating and set a $16.00 price target on shares of Teck Resources in a report on Wednesday, August 31st. Deutsche Bank AG restated a “sell” rating on shares of Teck Resources in a report on Thursday, July 7th. Royal Bank Of Canada restated an “outperform” rating on shares of Teck Resources in a report on Wednesday, June 8th. FBR & Co boosted their price target on Teck Resources from $15.00 to $16.00 and gave the stock a “mkt perform” rating in a report on Wednesday, July 20th. Finally, Morgan Stanley upgraded Teck Resources from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $7.00 to $18.00 in a report on Thursday, September 15th. Seven equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. Teck Resources has a consensus rating of “Hold” and a consensus target price of $15.10.
Shares of Teck Resources (NYSE:TCK) traded down 3.58% during mid-day trading on Friday, reaching $18.03. 10,778,336 shares of the company’s stock traded hands. Teck Resources has a 12 month low of $2.56 and a 12 month high of $19.08. The company’s market cap is $10.39 billion. The company has a 50 day moving average of $17.07 and a 200 day moving average of $12.68.
Teck Resources (NYSE:TCK) last issued its earnings results on Thursday, July 28th. The company reported $0.01 EPS for the quarter, topping 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 business’s quarterly revenue was down 13.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.14 earnings per share. Analysts expect that Teck Resources will post $0.56 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors increased its position in shares of 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 during the period. Mackenzie Financial Corp acquired a new position in shares of Teck Resources during the second quarter worth about $84,610,000. Slate Path Capital LP acquired a new position in shares of Teck Resources during the second quarter worth about $80,535,000. Van ECK Associates Corp increased its position in shares of Teck Resources by 981.4% in the second quarter. Van ECK Associates Corp now owns 4,716,588 shares of the company’s stock worth $62,117,000 after buying an additional 4,280,425 shares during the period. Finally, Acadian Asset Management LLC acquired a new position in shares of Teck Resources during the second quarter worth about $33,966,000. Hedge funds and other institutional investors own 47.23% 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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