Teck Resources Ltd. (TCK) Earns “Sector Perform” Rating from Scotiabank
Scotiabank reissued their sector perform rating on shares of Teck Resources Ltd. (NYSE:TCK) (TSE:TCK.B) in a research report released on Saturday morning. The brokerage currently has a $34.00 target price on the stock, up from their prior target price of $29.00.
Other research analysts have also issued research reports about the company. TD Securities restated a buy rating and issued a $24.00 target price on shares of Teck Resources in a report on Thursday, August 25th. Dundee Securities upgraded Teck Resources from a neutral rating to a buy rating in a report on Friday, October 14th. Bank of America Corp. initiated coverage on Teck Resources in a report on Monday, October 17th. They issued a buy rating on the stock. Paradigm Capital restated a buy rating and issued a $34.00 target price (up previously from $29.00) on shares of Teck Resources in a report on Saturday, October 29th. Finally, Goldman Sachs Group Inc. upgraded Teck Resources from a neutral rating to a buy rating and set a $31.00 target price on the stock in a report on Tuesday, November 15th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Hold and an average price target of $22.13.
Teck Resources (NYSE:TCK) opened at 25.69 on Friday. The firm’s market capitalization is $14.81 billion. Teck Resources has a one year low of $2.56 and a one year high of $26.21. The firm has a 50-day moving average price of $21.41 and a 200-day moving average price of $16.01.
Teck Resources (NYSE:TCK) last announced its quarterly earnings data on Thursday, October 27th. The company reported $0.26 EPS for the quarter, beating the Zacks’ 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 firm earned $2.31 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the firm posted $0.05 earnings per share. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. Analysts expect that Teck Resources will post $1.09 EPS for the current year.
The business also recently declared 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. The ex-dividend date is Tuesday, December 13th. This represents a dividend yield of 0.29%. Teck Resources’s payout ratio is currently -53.33%.
Several hedge funds have recently bought and sold shares of the company. Capital Research Global Investors increased 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 last quarter. Mackenzie Financial Corp bought a new stake in Teck Resources during the second quarter valued at $84,610,000. Slate Path Capital LP bought a new stake in Teck Resources during the second quarter valued at $80,535,000. Van ECK Associates Corp increased its stake in Teck Resources by 981.4% in the second quarter. Van ECK Associates Corp now owns 4,716,588 shares of the company’s stock valued at $62,117,000 after buying an additional 4,280,425 shares during the last quarter. Finally, 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 during the last quarter. Institutional investors own 47.05% 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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