Teck Resources’ (TCK) Sector Perform Rating Reaffirmed at Scotiabank
Scotiabank reiterated their sector perform rating on shares of Teck Resources Ltd. (NYSE:TCK) in a research report released on Wednesday morning. The firm currently has a $27.00 target price on the stock.
Other equities research analysts have also issued reports about the company. Zacks Investment Research upgraded Teck Resources from a hold rating to a strong-buy rating and set a $20.00 price target on the stock in a research report on Wednesday, October 5th. Deutsche Bank AG upgraded Teck Resources from a sell rating to a hold rating and lifted their price objective for the company from $11.50 to $20.00 in a research note on Monday, October 3rd. TD Securities reiterated a buy rating and set a $30.00 price objective on shares of Teck Resources in a research note on Sunday, October 2nd. RBC Capital Markets reiterated a sector perform rating on shares of Teck Resources in a research note on Tuesday, September 27th. Finally, Morgan Stanley upgraded Teck Resources from an underweight rating to an equal weight rating and lifted their price objective for the company from $7.00 to $18.00 in a research note on Thursday, September 15th. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $16.55.
Teck Resources (NYSE:TCK) opened at 19.45 on Wednesday. The firm has a 50-day moving average price of $17.71 and a 200-day moving average price of $13.53. The company’s market cap is $11.21 billion. Teck Resources has a 52 week low of $2.56 and a 52 week high of $19.75.
Teck Resources (NYSE:TCK) last issued 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. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.33 billion. Teck Resources had a positive return on equity of 0.39% and a negative net margin of 32.87%. The business’s quarterly revenue was down 13.0% compared to the same quarter last year. During the same period last year, the company earned $0.14 EPS. Equities research analysts anticipate that Teck Resources will post $0.63 EPS for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in TCK. Advisor Group Inc. purchased a new stake in Teck Resources during the second quarter worth approximately $105,000. Macquarie Group Ltd. purchased a new stake in Teck Resources during the second quarter worth approximately $150,000. Fox Run Management L.L.C. purchased a new stake in Teck Resources during the third quarter worth approximately $191,000. Commonwealth Equity Services Inc increased its stake in Teck Resources by 4.9% in the second quarter. Commonwealth Equity Services Inc now owns 19,237 shares of the company’s stock worth $253,000 after buying an additional 900 shares in the last quarter. Finally, Oak Associates Ltd. OH increased its stake in Teck Resources by 1.0% in the first quarter. Oak Associates Ltd. OH now owns 41,704 shares of the company’s stock worth $317,000 after buying an additional 400 shares in the last quarter. 47.22% of the stock is 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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