Today, Teck Resources Ltd. (TCK) Coverage Initiated by Analysts at Bank of America Corp.

Today, Teck Resources Ltd. (TCK) Coverage Initiated by Analysts at Bank of America Corp.

Bank of America Corp. began coverage on shares of Teck Resources Ltd. (NYSE:TCK) in a research report released on Monday, The Fly reports. The brokerage issued a buy rating on the stock.

Several other research firms have also recently commented on TCK. Credit Suisse Group AG raised Teck Resources from a neutral rating to an outperform rating in a research report on Monday. Raymond James Financial Inc. reissued a market perform rating and issued a $21.00 target price (up from $19.00) on shares of Teck Resources in a research report on Thursday, August 25th. Sanford C. Bernstein reissued a sell rating and issued a $10.00 target price on shares of Teck Resources in a research report on Friday, August 19th. Royal Bank Of Canada cut Teck Resources from an outperform rating to a sector perform rating and raised their target price for the stock from $16.00 to $23.00 in a research report on Friday, August 12th. Finally, RBC Capital Markets reissued an outperform rating and issued a $16.00 target price on shares of Teck Resources in a research report on Tuesday, July 19th. Six investment analysts have rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $16.55.

Shares of Teck Resources (NYSE:TCK) traded up 3.80% on Monday, hitting $20.19. The stock had a trading volume of 3,752,813 shares. The firm has a 50-day moving average price of $17.71 and a 200-day moving average price of $13.53. Teck Resources has a 52 week low of $2.56 and a 52 week high of $20.32. The stock’s market capitalization is $11.64 billion.

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

A number of institutional investors have recently bought and sold shares of the stock. Advisor Group Inc. acquired a new position in Teck Resources during the second quarter worth about $105,000. Fox Run Management L.L.C. acquired a new position in Teck Resources during the third quarter worth about $191,000. Macquarie Group Ltd. acquired a new position in Teck Resources during the second quarter worth about $150,000. Commonwealth Equity Services Inc boosted its position 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 during the last quarter. Finally, Sprott Inc. acquired a new position in Teck Resources during the second quarter worth about $395,000. Institutional investors own 47.22% 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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