Zacks Investment Research upgraded shares of Teck Resources Ltd. (NYSE:TCK) from a hold rating to a strong-buy rating in a report released on Wednesday morning. They currently have $20.00 target price 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. “
Several other research firms also recently issued reports on TCK. Raymond James Financial Inc. reissued a market perform rating and issued a $21.00 price target (up previously from $19.00) on shares of Teck Resources in a research report on Thursday, August 25th. Barclays PLC reissued an underweight rating on shares of Teck Resources in a research report on Wednesday, August 3rd. Credit Suisse Group AG reissued a hold rating on shares of Teck Resources in a research report on Tuesday, June 28th. Morgan Stanley raised shares of Teck Resources from an underweight rating to an equal weight rating and lifted their price target for the company from $7.00 to $18.00 in a research report on Thursday, September 15th. Finally, FBR & Co reissued a hold rating on shares of Teck Resources in a research report on Wednesday, June 15th. Six investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $15.74.
Teck Resources (NYSE:TCK) opened at 17.48 on Wednesday. The firm’s market capitalization is $10.08 billion. The firm has a 50 day moving average of $17.26 and a 200 day moving average of $13.02. Teck Resources has a 12-month low of $2.56 and a 12-month high of $19.08.
Teck Resources (NYSE:TCK) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.01 EPS for the quarter, topping the 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%. The company’s quarterly revenue was down 13.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 EPS. On average, analysts forecast that Teck Resources will post $0.63 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Advisor Group Inc. acquired a new position in shares of Teck Resources during the second quarter valued at approximately $105,000. Macquarie Group Ltd. acquired a new position in shares of Teck Resources during the second quarter valued at approximately $150,000. Commonwealth Equity Services Inc raised its position in shares of Teck Resources by 4.9% in the second quarter. Commonwealth Equity Services Inc now owns 19,237 shares of the company’s stock valued at $253,000 after buying an additional 900 shares during the last quarter. Oak Associates Ltd. OH raised its position in shares of Teck Resources by 1.0% in the first quarter. Oak Associates Ltd. OH now owns 41,704 shares of the company’s stock valued at $317,000 after buying an additional 400 shares during the last quarter. Finally, Sprott Inc. acquired a new position in shares of Teck Resources during the second quarter valued at approximately $395,000. 47.23% of the stock is owned by 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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