StockNews.com assumed coverage on shares of Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) in a note issued to investors on Friday. The brokerage set a “hold” rating on the basic materials company’s stock.
A number of other equities research analysts also recently issued reports on TECK. TheStreet downgraded shares of Teck Resources from a “b-” rating to a “c+” rating in a research report on Tuesday, October 24th. Benchmark restated a “buy” rating and set a $50.00 target price on shares of Teck Resources in a research report on Wednesday, October 25th. Scotiabank lowered Teck Resources from a “sector outperform” rating to a “sector perform” rating in a research note on Tuesday, October 17th. Morgan Stanley decreased their price objective on Teck Resources from $55.00 to $47.00 and set an “overweight” rating for the company in a report on Wednesday, October 25th. Finally, Wolfe Research raised Teck Resources from a “peer perform” rating to an “outperform” rating in a report on Friday, November 10th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $62.91.
Teck Resources Stock Down 0.9 %
Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last announced its earnings results on Tuesday, October 24th. The basic materials company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.20). The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.77 billion. Teck Resources had a net margin of 15.78% and a return on equity of 9.11%. As a group, equities research analysts anticipate that Teck Resources will post 3.83 EPS for the current fiscal year.
Institutional Trading of Teck Resources
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bornite Capital Management LP acquired a new stake in Teck Resources in the 1st quarter valued at approximately $14,136,000. Raymond James Financial Services Advisors Inc. grew its stake in shares of Teck Resources by 8.2% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 39,024 shares of the basic materials company’s stock valued at $1,576,000 after buying an additional 2,966 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Teck Resources by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 527,062 shares of the basic materials company’s stock valued at $21,288,000 after buying an additional 3,812 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in Teck Resources by 10.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 17,270 shares of the basic materials company’s stock worth $698,000 after acquiring an additional 1,591 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in Teck Resources by 4.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,067 shares of the basic materials company’s stock valued at $327,000 after acquiring an additional 341 shares during the period. 59.23% of the stock is owned by institutional investors and hedge funds.
About Teck Resources
Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.
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