Teck Resources Ltd. (TCK) Rating Increased to Outperform at Credit Suisse Group AG
Teck Resources Ltd. (NYSE:TCK) was upgraded by Credit Suisse Group AG from a “neutral” rating to an “outperform” rating in a research note issued to investors on Monday.
TCK has been the subject of a number of other reports. Dundee Securities upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Friday, October 14th. BMO Capital Markets reiterated a “hold” rating and set a $16.00 target price on shares of Teck Resources in a research note on Wednesday, August 31st. Zacks Investment Research upgraded shares of Teck Resources from a “hold” rating to a “strong-buy” rating and set a $20.00 target price for the company in a research note on Wednesday, October 5th. Deutsche Bank AG reiterated a “sell” rating on shares of Teck Resources in a research note on Thursday, July 7th. Finally, CIBC reissued an “outperform” rating on shares of Teck Resources in a research report on Thursday, October 13th. Six research analysts have rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $16.55.
Shares of Teck Resources (NYSE:TCK) opened at 20.65 on Monday. Teck Resources has a 12 month low of $2.56 and a 12 month high of $20.82. The stock’s market cap is $11.90 billion. The company has a 50 day moving average price of $17.81 and a 200-day moving average price of $13.63.
Teck Resources (NYSE:TCK) last announced its earnings results on Thursday, July 28th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. The business earned $1.74 billion during the quarter, compared to analyst estimates of $1.33 billion. Teck Resources had a negative net margin of 32.87% and a positive return on equity of 0.39%. The company’s quarterly revenue was down 13.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.14 EPS. On average, equities research analysts predict that Teck Resources will post $0.63 earnings per share for the current year.
A number of large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp raised 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 acquired a new position in shares of Teck Resources during the second quarter worth approximately $600,000. Montrusco Bolton Investments Inc. acquired a new position in shares of Teck Resources during the second quarter worth approximately $8,035,000. Acadian Asset Management LLC acquired a new position in shares of Teck Resources during the second quarter worth approximately $33,966,000. Finally, Foundation Resource Management Inc. raised 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 47.22% 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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