Teck Resources Ltd. (TCK) Upgraded to “Buy” at Dundee Securities
Teck Resources Ltd. (NYSE:TCK) was upgraded by investment analysts at Dundee Securities from a “neutral” rating to a “buy” rating in a report issued on Friday.
Several other research firms have also recently commented on TCK. Scotiabank restated a “sector perform” rating and set a $27.00 price target on shares of Teck Resources in a report on Wednesday. CIBC restated an “outperform” rating on shares of Teck Resources in a report on Thursday. RBC Capital Markets restated a “sector perform” rating on shares of Teck Resources in a report on Tuesday, September 27th. TD Securities restated a “buy” rating and set a $30.00 price target on shares of Teck Resources in a report on Sunday, October 2nd. Finally, Deutsche Bank AG raised shares of Teck Resources from a “sell” rating to a “hold” rating and raised their price objective for the company from $11.50 to $20.00 in a research report on Monday, October 3rd. Six analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $15.88.
Shares of Teck Resources (NYSE:TCK) traded up 3.0133% on Friday, hitting $18.6557. 5,128,001 shares of the stock traded hands. The stock has a 50-day moving average price of $17.54 and a 200 day moving average price of $13.28. The stock’s market cap is $10.75 billion. Teck Resources has a 12-month low of $2.56 and a 12-month high of $19.08.
Teck Resources (NYSE:TCK) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.02. The business earned $1.74 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 13.0% compared to the same quarter last year. During the same period last year, the company posted $0.14 earnings per share. On average, analysts anticipate that Teck Resources will post $0.63 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. NN Investment Partners Holdings N.V. bought a new position in shares of Teck Resources during the first quarter valued at about $527,000. Investec Asset Management LTD bought a new position in shares of Teck Resources during the first quarter valued at about $4,590,000. Canada Pension Plan Investment Board increased its position in shares of Teck Resources by 190.3% in the first quarter. Canada Pension Plan Investment Board now owns 153,615 shares of the company’s stock valued at $1,170,000 after buying an additional 100,700 shares during the period. UBS Asset Management Americas Inc. increased its position in shares of Teck Resources by 3.4% in the first quarter. UBS Asset Management Americas Inc. now owns 1,432,058 shares of the company’s stock valued at $10,906,000 after buying an additional 46,973 shares during the period. Finally, Dodge & Cox increased its position 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 valued at $442,031,000 after buying an additional 501,242 shares during the period. Institutional investors and hedge funds 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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