Q3 2017 Earnings Forecast for Teck Resources Ltd. Issued By Raymond James Financial (TCK)
Teck Resources Ltd. (NYSE:TCK) – Research analysts at Raymond James Financial boosted their Q3 2017 earnings estimates for Teck Resources in a note issued to investors on Thursday. Raymond James Financial analyst A. Terentiew now forecasts that the brokerage will post earnings of $0.45 per share for the quarter, up from their prior estimate of $0.40. Raymond James Financial has a “Market Perform” rating and a $21.00 price objective on the stock. Raymond James Financial also issued estimates for Teck Resources’ Q4 2017 earnings at $0.40 EPS and FY2018 earnings at $1.38 EPS.
Several other equities analysts also recently weighed in on the stock. Berenberg Bank started coverage on shares of Teck Resources in a report on Friday, August 19th. They issued a “sell” rating and a $10.00 price target on the stock. Clarkson Capital upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a report on Monday, July 18th. TD Securities reiterated a “buy” rating and issued a $30.00 price target on shares of Teck Resources in a report on Sunday. Deutsche Bank AG reiterated a “sell” rating on shares of Teck Resources in a report on Thursday, July 7th. Finally, FBR & Co raised their price objective on shares of Teck Resources from $15.00 to $16.00 and gave the stock a “mkt perform” rating in a research note on Wednesday, July 20th. 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 currently has an average rating of “Hold” and an average target price of $15.10.
Teck Resources (NYSE:TCK) opened at 18.03 on Monday. The company has a 50 day moving average of $17.07 and a 200-day moving average of $12.68. Teck Resources has a 12-month low of $2.56 and a 12-month high of $19.08. The stock’s market cap is $10.39 billion.
Teck Resources (NYSE:TCK) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.02. The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate 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 revenue was down 13.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.14 earnings per share.
Several hedge funds have recently modified their holdings of the company. Dodge & Cox increased its stake in shares of 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 during the last quarter. Capital Research Global Investors increased its stake 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 last quarter. Contrarius Investment Management Ltd increased its stake in shares of Teck Resources by 36.9% in the first quarter. Contrarius Investment Management Ltd now owns 9,403,002 shares of the company’s stock worth $71,557,000 after buying an additional 2,533,800 shares during the last quarter. Impala Asset Management LLC increased its stake in shares of 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 during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of 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 during the last quarter. 47.23% of the stock is owned by hedge funds and other institutional investors.
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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