Teck Resources’ (TCK) “Sector Perform” Rating Reaffirmed at Scotiabank
Scotiabank reiterated their sector perform rating on shares of Teck Resources Ltd. (NYSE:TCK) in a research report released on Wednesday morning. Scotiabank currently has a $27.00 price objective on the stock.
Several other brokerages also recently weighed in on TCK. FBR & Co reissued a hold rating on shares of Teck Resources in a research note on Wednesday, June 15th. Credit Suisse Group AG reissued a hold rating on shares of Teck Resources in a research note on Tuesday, June 28th. TD Securities reissued a buy rating and issued a $20.00 target price (up previously from $17.00) on shares of Teck Resources in a research note on Friday, July 1st. Zacks Investment Research downgraded shares of Teck Resources from a strong-buy rating to a hold rating in a research note on Friday, July 1st. Finally, Deutsche Bank AG reissued a sell rating on shares of Teck Resources in a research note on Thursday, July 7th. Six equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $15.88.
Teck Resources (NYSE:TCK) traded down 4.94% on Wednesday, hitting $17.72. 2,158,255 shares of the stock traded hands. The stock’s market cap is $10.21 billion. Teck Resources has a 12-month low of $2.56 and a 12-month high of $19.08. The firm’s 50-day moving average price is $17.48 and its 200-day moving average price is $13.25.
Teck Resources (NYSE:TCK) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.02. Teck Resources had a negative net margin of 32.87% and a positive return on equity of 0.39%. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the firm earned $0.14 EPS. The business’s revenue for the quarter was down 13.0% compared to the same quarter last year. On average, equities research analysts anticipate that Teck Resources will post $0.63 EPS for the current fiscal year.
Hedge funds have recently made changes to their positions in the company. Advisor Group Inc. purchased a new stake in shares of Teck Resources during the second quarter valued at $105,000. Macquarie Group Ltd. purchased a new stake in shares of Teck Resources during the second quarter valued at $150,000. Fox Run Management L.L.C. purchased a new stake in shares of Teck Resources during the third quarter valued at $191,000. Commonwealth Equity Services Inc raised 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 last quarter. Finally, Oak Associates Ltd. OH raised 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 last quarter. 47.23% of the stock is currently owned by 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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