Zacks Investment Research upgraded shares of Teck Resources Ltd. (NYSE:TCK) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday. They currently have $20.00 price objective on the stock.
According to Zacks, “Teck Resources Limited is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. It is a world leader in the production of copper, metallurgical coal and zinc, a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets. Headquartered in Vancouver, Canada, the company has expertise across the full range of activities related to mining, including exploration, development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. The Company is actively exploring in countries throughout the Americas, Asia Pacific, Europe and Africa. Teck Resources Limited, formerly Teck Cominco Limited, is headquartered in Vancouver, Canada. “
TCK has been the topic of several other reports. Deutsche Bank AG raised Teck Resources from a sell rating to a hold rating and increased their price target for the company from $11.50 to $20.00 in a report on Monday, October 3rd. Sanford C. Bernstein reissued a sell rating and set a $10.00 price target on shares of Teck Resources in a report on Friday, August 19th. TD Securities reaffirmed a buy rating and issued a $24.00 target price on shares of Teck Resources in a report on Thursday, August 25th. Berenberg Bank started coverage on Teck Resources in a report on Friday, August 19th. They issued a sell rating and a $10.00 target price on the stock. Finally, BMO Capital Markets reaffirmed a hold rating and issued a $16.00 target price on shares of Teck Resources in a report on Wednesday, August 31st. Six analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $15.74.
Teck Resources (NYSE:TCK) opened at 18.62 on Wednesday. Teck Resources has a 52-week low of $2.56 and a 52-week high of $19.08. The company’s 50-day moving average price is $17.34 and its 200 day moving average price is $13.17. The stock’s market capitalization is $10.73 billion.
Teck Resources (NYSE:TCK) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.02. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Teck Resources had a positive return on equity of 0.39% and a negative net margin of 32.87%. The company’s revenue was down 13.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 EPS. Equities analysts forecast that Teck Resources will post $0.63 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dodge & Cox raised its position 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. Capital Research Global Investors raised 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 in the last quarter. Contrarius Investment Management Ltd raised its position in Teck Resources by 36.9% in the first quarter. Contrarius Investment Management Ltd now owns 9,403,002 shares of the company’s stock valued at $71,557,000 after buying an additional 2,533,800 shares in the last quarter. Impala Asset Management LLC raised its position in Teck Resources by 8.8% in the second quarter. Impala Asset Management LLC now owns 9,350,097 shares of the company’s stock valued at $123,141,000 after buying an additional 758,846 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Teck Resources by 11.7% in the second quarter. Vanguard Group Inc. now owns 9,181,132 shares of the company’s stock valued at $120,916,000 after buying an additional 962,100 shares in the last quarter. Institutional investors own 47.23% of the company’s stock.
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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