Teck Resources Ltd. (TCK) Stock Rating Upgraded by Dundee Securities
Teck Resources Ltd. (NYSE:TCK) was upgraded by Dundee Securities from a “neutral” rating to a “buy” rating in a note issued to investors on Friday.
Several other research analysts also recently commented on TCK. Credit Suisse Group AG reaffirmed a “hold” rating on shares of Teck Resources in a report on Tuesday, June 28th. TD Securities reaffirmed a “buy” rating and issued a $20.00 price objective (up from $17.00) on shares of Teck Resources in a report on Friday, July 1st. Zacks Investment Research downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, July 1st. Deutsche Bank AG reaffirmed a “sell” rating on shares of Teck Resources in a report on Thursday, July 7th. Finally, Clarkson Capital upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Monday, July 18th. Six research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Teck Resources presently has an average rating of “Hold” and a consensus target price of $16.55.
Shares of Teck Resources (NYSE:TCK) opened at 19.45 on Friday. The company’s market cap is $11.21 billion. Teck Resources has a 1-year low of $2.56 and a 1-year high of $19.75. The firm’s 50 day moving average is $17.71 and its 200-day moving average is $13.53.
Teck Resources (NYSE:TCK) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The company earned $1.74 billion during the quarter, compared to the consensus estimate 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 for the quarter was down 13.0% on a year-over-year basis. During the same period last year, the firm earned $0.14 EPS. Equities analysts expect that Teck Resources will post $0.63 earnings per share for the current year.
Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its stake in shares of Teck Resources by 44.1% in the second quarter. Bank of New York Mellon Corp now owns 1,288,642 shares of the company’s stock worth $16,972,000 after buying an additional 394,476 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new position in shares of Teck Resources during the second quarter worth about $600,000. Montrusco Bolton Investments Inc. acquired a new position in shares of Teck Resources during the second quarter worth about $8,035,000. Acadian Asset Management LLC acquired a new position in shares of Teck Resources during the second quarter worth about $33,966,000. Finally, Foundation Resource Management Inc. boosted its position in shares of Teck Resources by 0.5% in the second quarter. Foundation Resource Management Inc. now owns 1,742,457 shares of the company’s stock worth $22,948,000 after buying an additional 9,174 shares during the period. 47.22% of the stock is currently owned by hedge funds and other institutional investors.
Teck Resources Company Profile
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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