Teck Resources Ltd (TECK) Price Target Raised to $29.00 at Bank of America Corporation
Teck Resources Ltd (NYSE:TECK) (TSE:TECK) had its price objective boosted by research analysts at Bank of America Corporation from $27.00 to $29.00 in a research report issued on Wednesday. The firm currently has a “buy” rating on the basic materials company’s stock. Bank of America Corporation’s price objective indicates a potential upside of 29.29% from the stock’s current price.
A number of other research firms have also commented on TECK. MKM Partners reiterated a “buy” rating and set a $30.00 price objective on shares of Teck Resources in a research note on Wednesday, September 20th. Deutsche Bank AG restated a “buy” rating and issued a $23.00 target price (down from $24.00) on shares of Teck Resources in a research report on Sunday, June 25th. BMO Capital Markets upped their target price on Teck Resources from $40.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, September 25th. BidaskClub lowered Teck Resources from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 15th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $38.00 price target (down from $39.00) on shares of Teck Resources in a research note on Friday, June 16th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-three have issued a buy rating to the company. Teck Resources presently has a consensus rating of “Buy” and an average target price of $31.11.
Shares of Teck Resources (NYSE TECK) traded up 0.13% during trading on Wednesday, reaching $22.46. The company had a trading volume of 951,141 shares. The stock has a market capitalization of $12.98 billion, a PE ratio of 7.72 and a beta of 1.20. The stock’s 50-day moving average price is $23.00 and its 200-day moving average price is $20.55. Teck Resources has a 12 month low of $14.56 and a 12 month high of $26.60.
Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, July 27th. The basic materials company reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Teck Resources had a net margin of 17.93% and a return on equity of 13.01%. The firm had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.75 billion. The business’s revenue was up 62.0% on a year-over-year basis. Equities analysts forecast that Teck Resources will post $3.55 earnings per share for the current fiscal year.
Institutional investors have recently modified their holdings of the company. Capital Analysts LLC acquired a new stake in shares of Teck Resources in the second quarter worth $100,000. Winslow Evans & Crocker Inc. acquired a new position in Teck Resources during the second quarter valued at $108,000. Financial Architects Inc acquired a new position in Teck Resources during the second quarter valued at $123,000. PNC Financial Services Group Inc. acquired a new position in Teck Resources during the second quarter valued at $124,000. Finally, Tower Research Capital LLC TRC acquired a new position in Teck Resources during the second quarter valued at $164,000. 46.80% of the stock is owned by institutional investors and hedge funds.
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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