Equities researchers at Bank of America Corp. assumed coverage on shares of Teck Resources Ltd. (NYSE:TCK) in a report issued on Monday, The Fly reports. The brokerage set a “buy” rating on the stock.
Several other analysts also recently issued reports on TCK. TD Securities restated a “buy” rating and set a $30.00 price objective on shares of Teck Resources in a report on Sunday, October 2nd. Berenberg Bank started coverage on Teck Resources in a report on Friday, August 19th. They set a “sell” rating and a $10.00 price objective on the stock. Clarkson Capital upgraded Teck Resources from a “neutral” rating to a “buy” rating in a report on Monday, July 18th. Deutsche Bank AG restated a “sell” rating on shares of Teck Resources in a report on Thursday, July 7th. Finally, FBR & Co boosted their price objective on Teck Resources from $15.00 to $16.00 and gave the stock a “mkt perform” rating in a report on Wednesday, July 20th. Six analysts have rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $16.55.
Teck Resources (NYSE:TCK) opened at 20.65 on Monday. The stock’s market cap is $11.90 billion. Teck Resources has a 12-month low of $2.56 and a 12-month high of $20.82. The company has a 50-day moving average of $17.81 and a 200 day moving average of $13.63.
Teck Resources (NYSE:TCK) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.01 EPS for the quarter, topping the 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 firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the business earned $0.14 earnings per share. Teck Resources’s revenue for the quarter was down 13.0% compared to the same quarter last year. Equities analysts anticipate that Teck Resources will post $0.63 earnings per share for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. NN Investment Partners Holdings N.V. purchased a new position in Teck Resources during the first quarter valued at approximately $527,000. Investec Asset Management LTD purchased a new position in Teck Resources during the first quarter valued at approximately $4,590,000. Canada Pension Plan Investment Board boosted its position 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 during the period. UBS Asset Management Americas Inc. boosted its position 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 during the period. Finally, Dodge & Cox boosted 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 during the period. Institutional investors own 47.22% of the company’s stock.
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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