Teck Resources Ltd. to Post Q3 2016 Earnings of $0.23 Per Share, Raymond James Financial Forecasts (TCK)
Teck Resources Ltd. (NYSE:TCK) – Analysts at Raymond James Financial boosted their Q3 2016 EPS estimates for shares of Teck Resources in a research note issued to investors on Thursday. Raymond James Financial analyst A. Terentiew now expects that the firm will post earnings of $0.23 per share for the quarter, up from their prior forecast of $0.21. Raymond James Financial has a “Market Perform” rating and a $21.00 price objective on the stock.
Teck Resources (NYSE:TCK) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Teck Resources had a positive return on equity of 0.39% and a negative net margin of 32.87%. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.14 EPS.
Other analysts have also recently issued research reports about the stock. Dundee Securities upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Friday. Clarkson Capital upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Monday, July 18th. RBC Capital Markets cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating and raised their target price for the stock from $16.00 to $23.00 in a research note on Friday, August 12th. Zacks Investment Research cut shares of Teck Resources from a “buy” rating to a “hold” rating in a research note on Saturday, July 30th. Finally, FBR & Co raised their target price 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. Six investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $15.88.
Shares of Teck Resources (NYSE:TCK) opened at 18.77 on Monday. The stock’s market capitalization is $10.82 billion. The stock’s 50 day moving average price is $17.61 and its 200 day moving average price is $13.36. Teck Resources has a one year low of $2.56 and a one year high of $19.08.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in shares of Teck Resources by 44.1% in the second quarter. Bank of New York Mellon Corp now owns 1,288,642 shares of the company’s stock worth $16,972,000 after buying an additional 394,476 shares during the period. Quantitative Systematic Strategies LLC purchased a new position in shares of Teck Resources during the second quarter worth about $600,000. Montrusco Bolton Investments Inc. purchased a new position in shares of Teck Resources during the second quarter worth about $8,035,000. Acadian Asset Management LLC purchased a new position in shares of Teck Resources during the second quarter worth about $33,966,000. Finally, Foundation Resource Management Inc. increased its position in shares of Teck Resources by 0.5% in the second quarter. Foundation Resource Management Inc. now owns 1,742,457 shares of the company’s stock worth $22,948,000 after buying an additional 9,174 shares during the period. Hedge funds and other institutional investors own 47.23% of the company’s stock.
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.
Receive News & Stock Ratings for Teck Resources Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teck Resources Ltd. and related stocks with our FREE daily email newsletter.