CIBC Reiterates “Outperform” Rating for Teck Resources Ltd. (TCK)
Teck Resources Ltd. (NYSE:TCK)‘s stock had its “outperform” rating restated by stock analysts at CIBC in a research note issued on Thursday.
Several other equities analysts have also recently commented on the stock. BMO Capital Markets reissued a “hold” rating and set a $16.00 target price on shares of Teck Resources in a research note on Wednesday, August 31st. Zacks Investment Research raised shares of 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. Deutsche Bank AG reissued a “sell” rating on shares of Teck Resources in a research note on Thursday, July 7th. FBR & Co raised their target price on shares of Teck Resources from $15.00 to $16.00 and gave the company a “mkt perform” rating in a research note on Wednesday, July 20th. Finally, Morgan Stanley raised shares of Teck Resources from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $7.00 to $18.00 in a research note on Thursday, September 15th. Six analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $15.88.
Teck Resources (NYSE:TCK) opened at 18.77 on Thursday. The stock has a 50 day moving average of $17.61 and a 200-day moving average of $13.36. The firm’s market cap is $10.82 billion. Teck Resources has a 52-week low of $2.56 and a 52-week high of $19.08.
Teck Resources (NYSE:TCK) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.02. Teck Resources had a negative net margin of 32.87% and a positive return on equity of 0.39%. The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the company earned $0.14 EPS. The company’s revenue for the quarter was down 13.0% compared to the same quarter last year. On average, analysts expect that Teck Resources will post $0.63 EPS for the current year.
Institutional investors have recently modified their holdings of the stock. Capital Research Global Investors raised its position in shares of 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 acquired a new position in shares of Teck Resources during the second quarter valued at $84,610,000. Slate Path Capital LP acquired a new position in shares of Teck Resources during the second quarter valued at $80,535,000. Van ECK Associates Corp raised its position 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 valued at $62,117,000 after buying an additional 4,280,425 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new position in shares of Teck Resources during the second quarter valued at $33,966,000. 47.23% of the stock is currently 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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