BMO Capital Markets Raises Teck Resources Ltd (TECK) Price Target to $41.00
Teck Resources Ltd (NYSE:TECK) (TSE:TECK) had its price target hoisted by research analysts at BMO Capital Markets from $40.00 to $41.00 in a report issued on Monday. The firm presently has an “outperform” rating on the basic materials company’s stock. BMO Capital Markets’ target price suggests a potential upside of 86.70% from the company’s current price.
A number of other equities research analysts have also weighed in on TECK. J P Morgan Chase & Co upgraded Teck Resources from a “neutral” rating to an “overweight” rating in a research report on Tuesday, May 30th. Bank of America Corporation lowered Teck Resources from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $27.00 to $19.00 in a research report on Friday, June 9th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $38.00 price objective (down from $39.00) on shares of Teck Resources in a research report on Friday, June 16th. Deutsche Bank AG reiterated a “buy” rating and issued a $23.00 price objective (down from $24.00) on shares of Teck Resources in a research report on Sunday, June 25th. Finally, Zacks Investment Research lowered Teck Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-four have issued a buy rating to the stock. Teck Resources presently has a consensus rating of “Buy” and a consensus price target of $30.37.
Shares of Teck Resources (NYSE TECK) traded down 3.37% during trading on Monday, reaching $21.22. The company’s stock had a trading volume of 3,207,742 shares. Teck Resources has a 52-week low of $14.56 and a 52-week high of $26.60. The stock’s 50 day moving average price is $23.20 and its 200-day moving average price is $20.46. The stock has a market cap of $12.26 billion, a price-to-earnings ratio of 7.51 and a beta of 1.25.
Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.02. The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.75 billion. Teck Resources had a return on equity of 13.01% and a net margin of 17.93%. Teck Resources’s quarterly revenue was up 62.0% on a year-over-year basis. Equities analysts anticipate that Teck Resources will post $3.54 EPS for the current year.
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Several institutional investors and hedge funds have recently modified their holdings of the stock. Navellier & Associates Inc bought a new stake in shares of Teck Resources in the second quarter worth $2,254,000. Paradigm Financial Advisors LLC bought a new stake in shares of Teck Resources in the second quarter worth $711,000. Oak Associates Ltd. OH bought a new stake in shares of Teck Resources in the second quarter worth $1,380,000. 1st Global Advisors Inc. bought a new stake in shares of Teck Resources in the second quarter worth $601,000. Finally, Verition Fund Management LLC bought a new stake in shares of Teck Resources in the second quarter worth $399,000. 46.80% of the stock is owned by institutional investors.
About Teck Resources
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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