Teck Resources Ltd. (TCK) Stock Rating Upgraded by Credit Suisse Group AG
Teck Resources Ltd. (NYSE:TCK) was upgraded by Credit Suisse Group AG from a “neutral” rating to an “outperform” rating in a research note issued on Monday, The Fly reports.
A number of other research firms have also recently commented on TCK. Raymond James Financial Inc. reaffirmed a “market perform” rating and issued a $21.00 target price (up previously from $19.00) on shares of Teck Resources in a research report on Thursday, August 25th. Sanford C. Bernstein reaffirmed a “sell” rating and issued a $10.00 target price on shares of Teck Resources in a research report on Friday, August 19th. Royal Bank Of Canada cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating and upped their target price for the company from $16.00 to $23.00 in a research report on Friday, August 12th. RBC Capital Markets reaffirmed an “outperform” rating and issued a $16.00 target price on shares of Teck Resources in a research report on Tuesday, July 19th. Finally, Clarkson Capital raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Monday, July 18th. Six investment analysts have rated the stock with a sell rating, nine have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $16.21.
Teck Resources (NYSE:TCK) opened at 18.77 on Monday. The stock’s market cap is $10.82 billion. Teck Resources has a 12 month low of $2.56 and a 12 month high of $19.08. The stock has a 50 day moving average of $17.61 and a 200-day moving average of $13.36.
Teck Resources (NYSE:TCK) last posted its earnings results on Thursday, July 28th. The company reported $0.01 EPS for the quarter, beating 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 company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the company posted $0.14 earnings per share. Teck Resources’s revenue for the quarter was down 13.0% compared to the same quarter last year. On average, equities analysts forecast that Teck Resources will post $0.63 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors increased its position 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 position in Teck Resources during the second quarter valued at about $84,610,000. Slate Path Capital LP purchased a new position in Teck Resources during the second quarter valued at about $80,535,000. Van ECK Associates Corp increased its position 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 period. Finally, Acadian Asset Management LLC purchased a new position in Teck Resources during the second quarter valued at about $33,966,000. 47.22% of the stock is owned by 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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