Teck Resources Ltd. (TCK) Raised to “Outperform” at RBC Capital Markets
Teck Resources Ltd. (NYSE:TCK) was upgraded by research analysts at RBC Capital Markets from a “sector perform” rating to an “outperform” rating in a research report issued on Monday.
Several other equities analysts have also recently commented on TCK. Credit Suisse Group AG reiterated a “hold” rating on shares of Teck Resources in a research note on Tuesday, June 28th. TD Securities reiterated a “buy” rating and set a $20.00 target price (up from $17.00) on shares of Teck Resources in a research note on Friday, July 1st. Zacks Investment Research cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 1st. Deutsche Bank AG restated a “sell” rating on shares of Teck Resources in a research note on Thursday, July 7th. Finally, Clarkson Capital upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Monday, July 18th. Six research analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $16.21.
Shares of Teck Resources (NYSE:TCK) opened at 18.77 on Monday. Teck Resources has a 52 week low of $2.56 and a 52 week high of $19.08. The stock has a 50 day moving average of $17.61 and a 200-day moving average of $13.36. The firm’s market capitalization is $10.82 billion.
Teck Resources (NYSE:TCK) last released its earnings results on Thursday, July 28th. The company reported $0.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The firm 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 business’s quarterly revenue was down 13.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.14 EPS. Analysts expect that Teck Resources will post $0.63 earnings per share for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of TCK. Dodge & Cox raised its position in 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 last quarter. Capital Research Global Investors raised its position in Teck Resources by 822.8% in the second quarter. Capital Research Global Investors now owns 28,054,000 shares of the company’s stock valued at $369,363,000 after buying an additional 25,014,000 shares during the last quarter. Impala Asset Management LLC raised its position in Teck Resources by 8.8% in the second quarter. Impala Asset Management LLC now owns 9,350,097 shares of the company’s stock valued at $123,141,000 after buying an additional 758,846 shares during the last quarter. Vanguard Group Inc. raised its position in Teck Resources by 11.7% in the second quarter. Vanguard Group Inc. now owns 9,181,132 shares of the company’s stock valued at $120,916,000 after buying an additional 962,100 shares during the last quarter. Finally, Mackenzie Financial Corp purchased a new position in Teck Resources during the second quarter valued at $84,610,000. 47.22% of the stock is currently owned by institutional investors.
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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