Teck Resources Ltd. (TCK) Upgraded to Outperform at Royal Bank Of Canada
Teck Resources Ltd. (NYSE:TCK) was upgraded by investment analysts at Royal Bank Of Canada from a “sector perform” rating to an “outperform” rating in a report released on Monday. The firm presently has a $30.00 target price on the stock, up from their prior target price of $23.00. Royal Bank Of Canada’s target price would indicate a potential upside of 59.83% from the stock’s previous close.
Other analysts have also issued reports about the stock. TD Securities reaffirmed a “buy” rating and issued a $22.00 price target on shares of Teck Resources in a research note on Tuesday, July 26th. Clarkson Capital raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Monday, July 18th. Zacks Investment Research raised shares of Teck Resources from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Saturday, July 9th. Dundee Securities raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Friday. Finally, Morgan Stanley raised shares of Teck Resources from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $7.00 to $18.00 in a research note on Thursday, September 15th. Six analysts have rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $16.21.
Shares of Teck Resources (NYSE:TCK) opened at 18.77 on Monday. The company’s 50-day moving average is $17.61 and its 200-day moving average is $13.36. The firm’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.
Teck Resources (NYSE:TCK) last posted its earnings results on Thursday, July 28th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. The firm earned $1.74 billion during the quarter, compared to analyst estimates of $1.33 billion. Teck Resources had a negative net margin of 32.87% and a positive return on equity of 0.39%. Teck Resources’s revenue was down 13.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.14 EPS. On average, equities research analysts forecast that Teck Resources will post $0.63 earnings per share for the current fiscal year.
Several hedge funds have recently bought and sold shares of the company. NN Investment Partners Holdings N.V. purchased a new stake in Teck Resources during the first quarter valued at about $527,000. Investec Asset Management LTD purchased a new stake in Teck Resources during the first quarter valued at about $4,590,000. Canada Pension Plan Investment Board increased its stake in Teck Resources by 190.3% in the first quarter. Canada Pension Plan Investment Board now owns 153,615 shares of the company’s stock valued at $1,170,000 after buying an additional 100,700 shares in the last quarter. UBS Asset Management Americas Inc. increased its stake in Teck Resources by 3.4% in the first quarter. UBS Asset Management Americas Inc. now owns 1,432,058 shares of the company’s stock valued at $10,906,000 after buying an additional 46,973 shares in the last quarter. Finally, Dodge & Cox increased its stake in Teck Resources by 0.9% in the first quarter. Dodge & Cox now owns 58,085,503 shares of the company’s stock valued at $442,031,000 after buying an additional 501,242 shares in the last quarter. 47.22% of the stock is 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.
Receive News & Ratings for Teck Resources Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teck Resources Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.