Teck Resources Ltd. (TCK) Upgraded to Outperform by National Bank Financial
Several other brokerages have also issued reports on TCK. Credit Suisse Group AG upgraded Teck Resources from a neutral rating to an outperform rating in a report on Monday. Raymond James Financial Inc. reissued a market perform rating and issued a $21.00 price objective (up from $19.00) on shares of Teck Resources in a research note on Thursday, August 25th. Sanford C. Bernstein reissued a sell rating and issued a $10.00 price objective on shares of Teck Resources in a research note on Friday, August 19th. Royal Bank Of Canada downgraded Teck Resources from an outperform rating to a sector perform rating and raised their price objective for the company from $16.00 to $23.00 in a research note on Friday, August 12th. Finally, RBC Capital Markets reissued an outperform rating and issued a $16.00 price objective on shares of Teck Resources in a research note on Tuesday, July 19th. Six investment analysts have rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Teck Resources currently has an average rating of Hold and an average target price of $16.55.
Teck Resources (NYSE:TCK) traded down 1.36% during mid-day trading on Tuesday, reaching $20.37. 6,949,184 shares of the company were exchanged. Teck Resources has a 12 month low of $2.56 and a 12 month high of $20.84. The stock’s 50-day moving average is $17.81 and its 200-day moving average is $13.63. The company’s market cap is $11.74 billion.
Teck Resources (NYSE:TCK) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 positive return on equity of 0.39% and a negative net margin of 32.87%. The firm’s revenue was down 13.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.14 EPS. Equities analysts expect that Teck Resources will post $0.63 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Canada Pension Plan Investment Board boosted 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. AMP Capital Investors Ltd boosted its position in shares of Teck Resources by 3.0% in the first quarter. AMP Capital Investors Ltd now owns 278,011 shares of the company’s stock valued at $2,180,000 after buying an additional 8,100 shares during the period. One Capital Management LLC boosted its position in shares of Teck Resources by 15.9% in the first quarter. One Capital Management LLC now owns 193,015 shares of the company’s stock valued at $1,469,000 after buying an additional 26,451 shares during the period. Macquarie Group Ltd. bought a new position in shares of Teck Resources during the second quarter valued at approximately $150,000. Finally, Commerzbank Aktiengesellschaft FI boosted its position in shares of Teck Resources by 27.9% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 36,123 shares of the company’s stock valued at $476,000 after buying an additional 7,887 shares during the period. 47.22% of the stock is owned by hedge funds and other 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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