Scotiabank Reiterates Sector Perform Rating for Teck Resources Ltd. (TCK)
Teck Resources Ltd. (NYSE:TCK) (TSE:TCK.B)‘s stock had its “sector perform” rating reissued by analysts at Scotiabank in a research report issued to clients and investors on Saturday. They currently have a $34.00 price objective on the stock, up from their previous price objective of $29.00. Scotiabank’s price target would indicate a potential upside of 32.35% from the stock’s current price.
TCK has been the topic of several other research reports. Dundee Securities upgraded Teck Resources from a “neutral” rating to a “buy” rating in a report on Friday, October 14th. BMO Capital Markets restated a “hold” rating and issued a $16.00 target price on shares of Teck Resources in a research note on Wednesday, August 31st. Zacks Investment Research upgraded Teck Resources from a “hold” rating to a “strong-buy” rating and set a $20.00 target price on the stock in a research note on Wednesday, October 5th. CIBC restated an “outperform” rating on shares of Teck Resources in a research note on Thursday, October 13th. Finally, Morgan Stanley upgraded Teck Resources from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $7.00 to $18.00 in a research note on Thursday, September 15th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $22.13.
Shares of Teck Resources (NYSE:TCK) opened at 25.69 on Friday. Teck Resources has a 52 week low of $2.56 and a 52 week high of $26.21. The firm’s market cap is $14.81 billion. The stock has a 50 day moving average of $21.41 and a 200 day moving average of $16.01.
Teck Resources (NYSE:TCK) last released its quarterly earnings data on Thursday, October 27th. The company reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.08. Teck Resources had a positive return on equity of 1.13% and a negative net margin of 1.42%. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the previous year, the business posted $0.05 EPS. Teck Resources’s revenue for the quarter was up 9.7% on a year-over-year basis. Equities analysts forecast that Teck Resources will post $1.09 earnings per share for the current year.
The firm also recently disclosed a semiannual dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be paid a $0.037 dividend. This represents a yield of 0.29%. The ex-dividend date is Tuesday, December 13th. Teck Resources’s dividend payout ratio (DPR) is presently -53.33%.
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A number of hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors raised its stake 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 period. Mackenzie Financial Corp purchased a new stake in shares of Teck Resources during the second quarter worth approximately $84,610,000. Slate Path Capital LP purchased a new stake in shares of Teck Resources during the second quarter worth approximately $80,535,000. Van ECK Associates Corp raised its stake in shares of Teck Resources by 981.4% in the second quarter. Van ECK Associates Corp now owns 4,716,588 shares of the company’s stock worth $62,117,000 after buying an additional 4,280,425 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of 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 worth $173,129,000 after buying an additional 3,430,308 shares during the last quarter. 47.05% of the stock is currently 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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