Trade Report: Today, CIBC Reaffirms “Outperform” Rating for Teck Resources Ltd. (TCK)

Today, CIBC Reaffirms “Outperform” Rating for Teck Resources Ltd. (TCK)

CIBC reissued their outperform rating on shares of Teck Resources Ltd. (NYSE:TCK) in a report released on Thursday morning.

A number of other analysts also recently weighed in on TCK. Raymond James Financial Inc. reaffirmed a market perform rating and set a $21.00 price target (up previously from $19.00) on shares of Teck Resources in a report on Thursday, August 25th. Barclays PLC reaffirmed an underweight rating on shares of Teck Resources in a report on Wednesday, August 3rd. Scotiabank reiterated a sector perform rating and set a $27.00 price objective on shares of Teck Resources in a research report on Wednesday, October 12th. Zacks Investment Research upgraded shares of Teck Resources from a hold rating to a buy rating and set a $15.00 price objective for the company in a research report on Saturday, July 9th. Finally, Credit Suisse Group AG reiterated a hold rating on shares of Teck Resources in a research report on Tuesday, June 28th. Six research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Hold and an average price target of $16.55.

Teck Resources (NYSE:TCK) opened at 19.45 on Thursday. The company’s market capitalization is $11.21 billion. The firm has a 50-day moving average of $17.71 and a 200-day moving average of $13.53. Teck Resources has a 52 week low of $2.56 and a 52 week high of $19.75.

Teck Resources (NYSE:TCK) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.02. Teck Resources had a negative net margin of 32.87% and a positive return on equity of 0.39%. The company earned $1.74 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the firm posted $0.14 EPS. The firm’s quarterly revenue was down 13.0% on a year-over-year basis. Equities analysts expect that Teck Resources will post $0.63 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Advisor Group Inc. purchased a new stake in shares of Teck Resources during the second quarter valued at approximately $105,000. Macquarie Group Ltd. purchased a new stake in shares of Teck Resources during the second quarter valued at approximately $150,000. Fox Run Management L.L.C. purchased a new stake in shares of Teck Resources during the third quarter valued at approximately $191,000. Commonwealth Equity Services Inc increased its stake 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 in the last quarter. Finally, Oak Associates Ltd. OH increased its stake 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 in the last quarter. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

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