Goldman Sachs Group Inc. Upgrades Teck Resources Ltd. (TCK) to “Buy”
Teck Resources Ltd. (NYSE:TCK) (TSE:TCK.B) was upgraded by equities research analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $31.00 price objective on the stock. Goldman Sachs Group Inc.’s target price points to a potential upside of 32.48% from the stock’s previous close.
TCK has been the subject of a number of other reports. Deutsche Bank AG raised Teck Resources from a “sell” rating to a “hold” rating and lifted their price target for the stock from $11.50 to $20.00 in a report on Monday, October 3rd. Zacks Investment Research raised Teck Resources from a “hold” rating to a “strong-buy” rating and set a $20.00 price target for the company in a report on Wednesday, October 5th. Sanford C. Bernstein reaffirmed a “sell” rating and set a $10.00 price target on shares of Teck Resources in a report on Friday, August 19th. CIBC reaffirmed an “outperform” rating on shares of Teck Resources in a report on Thursday, October 13th. Finally, National Bank Financial raised Teck Resources from a “sector perform” rating to an “outperform” rating in a report on Tuesday, October 18th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $21.88.
Shares of Teck Resources (NYSE:TCK) opened at 23.40 on Tuesday. The company’s 50-day moving average price is $20.22 and its 200 day moving average price is $15.42. The firm’s market capitalization is $13.49 billion. Teck Resources has a 12-month low of $2.56 and a 12-month high of $23.45.
Teck Resources (NYSE:TCK) last announced its quarterly earnings results on Thursday, October 27th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.08. The company earned $2.31 billion during the quarter, compared to the consensus estimate of $1.65 billion. Teck Resources had a positive return on equity of 1.13% and a negative net margin of 1.42%. Teck Resources’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.05 EPS. On average, equities research analysts forecast that Teck Resources will post $1.09 EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the stock. Verition Fund Management LLC increased its stake in Teck Resources by 1.5% in the third quarter. Verition Fund Management LLC now owns 99,916 shares of the company’s stock valued at $1,801,000 after buying an additional 1,443 shares during the last quarter. Candriam Luxembourg S.C.A. increased its stake in Teck Resources by 5.9% in the third quarter. Candriam Luxembourg S.C.A. now owns 21,437 shares of the company’s stock valued at $386,000 after buying an additional 1,195 shares in the last quarter. Three Corner Global Investors LP bought a new stake in Teck Resources during the third quarter valued at approximately $2,467,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Teck Resources by 55.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,620,897 shares of the company’s stock valued at $173,129,000 after buying an additional 3,430,308 shares in the last quarter. Finally, Scopus Asset Management L.P. bought a new stake in Teck Resources during the third quarter valued at approximately $4,014,000. 47.69% of the stock is owned by institutional investors and hedge funds.
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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