Teck Resources Ltd. (TCK) Upgraded to Strong-Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Teck Resources Ltd. (NYSE:TCK) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday morning. The brokerage currently has $20.00 target price on the stock.
According to Zacks, “Teck Resources Limited is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. It is a world leader in the production of copper, metallurgical coal and zinc, a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets. Headquartered in Vancouver, Canada, the company has expertise across the full range of activities related to mining, including exploration, development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. The Company is actively exploring in countries throughout the Americas, Asia Pacific, Europe and Africa. Teck Resources Limited, formerly Teck Cominco Limited, is headquartered in Vancouver, Canada. “
Several other research analysts have also weighed in on the company. TD Securities reaffirmed a buy rating and set a $30.00 price target on shares of Teck Resources in a research report on Sunday. Berenberg Bank started coverage on Teck Resources in a research report on Friday, August 19th. They set a sell rating and a $10.00 price target on the stock. Clarkson Capital raised Teck Resources from a neutral rating to a buy rating in a research report on Monday, July 18th. Deutsche Bank AG reaffirmed a sell rating on shares of Teck Resources in a research report on Thursday, July 7th. Finally, FBR & Co lifted their target price on Teck Resources from $15.00 to $16.00 and gave the stock a mkt perform rating in a research note on Wednesday, July 20th. Six research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $15.74.
Shares of Teck Resources (NYSE:TCK) traded down 3.341% during midday trading on Wednesday, reaching $17.215. The company’s stock had a trading volume of 2,737,166 shares. The firm’s market cap is $9.92 billion. Teck Resources has a 12 month low of $2.56 and a 12 month high of $19.08. The company has a 50-day moving average price of $17.20 and a 200-day moving average price of $12.92.
Teck Resources (NYSE:TCK) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates 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 EPS. Equities analysts expect that Teck Resources will post $0.56 earnings per share for the current year.
Several hedge funds have recently modified their holdings of the company. Wetherby Asset Management Inc. increased its stake in shares of Teck Resources by 1.0% in the second quarter. Wetherby Asset Management Inc. now owns 33,318 shares of the company’s stock valued at $439,000 after buying an additional 336 shares during the period. Oak Associates Ltd. OH increased its stake in shares of Teck Resources by 1.0% in the first quarter. Oak Associates Ltd. OH now owns 41,704 shares of the company’s stock valued at $317,000 after buying an additional 400 shares during the period. Commonwealth Equity Services Inc increased its stake in shares of Teck Resources by 4.9% in the second quarter. Commonwealth Equity Services Inc now owns 19,237 shares of the company’s stock valued at $253,000 after buying an additional 900 shares during the period. Raymond James & Associates increased its stake in shares of Teck Resources by 3.4% in the second quarter. Raymond James & Associates now owns 42,964 shares of the company’s stock valued at $566,000 after buying an additional 1,430 shares during the period. Finally, Parametric Portfolio Associates LLC increased its stake in shares of Teck Resources by 1.5% in the second quarter. Parametric Portfolio Associates LLC now owns 259,489 shares of the company’s stock valued at $3,417,000 after buying an additional 3,839 shares during the period. 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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