Teck Resources Ltd (TECK) Stock Rating Reaffirmed by MKM Partners
Teck Resources Ltd (NYSE:TECK) (TSE:TECK)‘s stock had its “buy” rating reissued by stock analysts at MKM Partners in a report released on Thursday. They currently have a $28.00 target price on the basic materials company’s stock, up from their prior target price of $25.00. MKM Partners’ price objective points to a potential upside of 13.54% from the stock’s current price.
A number of other equities analysts also recently issued reports on the stock. Raymond James Financial, Inc. reiterated an “outperform” rating on shares of Teck Resources in a research note on Tuesday, August 15th. Zacks Investment Research downgraded shares of Teck Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Bank of America Corporation upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Friday, June 30th. Deutsche Bank AG reiterated a “buy” rating and set a $23.00 price objective (down from $24.00) on shares of Teck Resources in a research note on Sunday, June 25th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $38.00 price objective (down from $39.00) on shares of Teck Resources in a research note on Friday, June 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-two have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $28.50.
Teck Resources (NYSE:TECK) opened at 24.66 on Thursday. Teck Resources has a 1-year low of $14.56 and a 1-year high of $33.76. The company’s 50-day moving average price is $21.41 and its 200-day moving average price is $20.33. The firm has a market capitalization of $14.25 billion, a P/E ratio of 8.86 and a beta of 1.27.
Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. Teck Resources had a net margin of 17.93% and a return on equity of 13.01%. The firm had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.75 billion. The firm’s quarterly revenue was up 62.0% on a year-over-year basis. Equities research analysts expect that Teck Resources will post $3.25 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Analysts LLC bought a new position in Teck Resources during the second quarter worth about $100,000. Winslow Evans & Crocker Inc. bought a new position in Teck Resources during the second quarter worth about $108,000. Financial Architects Inc bought a new position in Teck Resources during the second quarter worth about $123,000. PNC Financial Services Group Inc. bought a new position in Teck Resources during the second quarter worth about $124,000. Finally, Tower Research Capital LLC TRC bought a new position in Teck Resources during the second quarter worth about $164,000. 47.20% of the stock is owned by institutional investors and hedge funds.
Teck Resources Company Profile
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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