Teck Resources Ltd. (TCK) Cut to “Hold” at Zacks Investment Research
Teck Resources Ltd. (NYSE:TCK) (TSE:TCK.B) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
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. “
Other analysts have also recently issued research reports about the stock. Raymond James Financial Inc. raised shares of Teck Resources from an “underperform” rating to a “market perform” rating in a research note on Thursday, August 4th. Berenberg Bank raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Wednesday. RBC Capital Markets cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating and boosted their price objective for the stock from $16.00 to $23.00 in a research note on Friday, August 12th. Barclays PLC reissued an “underweight” rating on shares of Teck Resources in a research note on Wednesday, August 3rd. Finally, Scotiabank reissued a “sector perform” rating and issued a $34.00 price objective (up previously from $29.00) on shares of Teck Resources in a research note on Saturday. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $22.13.
Teck Resources (NYSE:TCK) opened at 25.20 on Wednesday. The firm’s market cap is $14.53 billion. Teck Resources has a 12 month low of $2.56 and a 12 month high of $26.60. The stock has a 50 day moving average price of $21.65 and a 200 day moving average price of $16.22.
Teck Resources (NYSE:TCK) last issued its quarterly earnings data on Thursday, October 27th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.08. Teck Resources had a negative net margin of 1.42% and a positive return on equity of 1.13%. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the previous year, the firm posted $0.05 earnings per share. Teck Resources’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, equities analysts expect that Teck Resources will post $1.09 earnings per share for the current fiscal year.
The firm also recently announced a semiannual dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be issued a $0.037 dividend. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a dividend yield of 0.29%. Teck Resources’s dividend payout ratio is presently -53.33%.
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Large investors have recently bought and sold shares of the company. Wetherby Asset Management Inc. raised its stake in Teck Resources by 1.0% in the second quarter. Wetherby Asset Management Inc. now owns 33,318 shares of the company’s stock worth $439,000 after buying an additional 336 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Teck Resources by 7.3% in the third quarter. PNC Financial Services Group Inc. now owns 7,343 shares of the company’s stock worth $134,000 after buying an additional 500 shares in the last quarter. Commonwealth Equity Services Inc raised its stake in Teck Resources by 4.9% in the second quarter. Commonwealth Equity Services Inc now owns 19,237 shares of the company’s stock worth $253,000 after buying an additional 900 shares in the last quarter. Candriam Luxembourg S.C.A. raised its stake in Teck Resources by 5.9% in the third quarter. Candriam Luxembourg S.C.A. now owns 21,437 shares of the company’s stock worth $386,000 after buying an additional 1,195 shares in the last quarter. Finally, Raymond James & Associates raised its stake in Teck Resources by 3.4% in the second quarter. Raymond James & Associates now owns 42,964 shares of the company’s stock worth $566,000 after buying an additional 1,430 shares in the last quarter. Institutional investors own 45.72% 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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