Teck Resources Limited (NYSE:TECK – Get Free Report) (TSE:TECK) gapped up before the market opened on Tuesday . The stock had previously closed at $36.45, but opened at $39.11. Teck Resources shares last traded at $37.36, with a volume of 2,975,590 shares.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on the company. StockNews.com began coverage on Teck Resources in a report on Thursday, November 9th. They set a “hold” rating for the company. JPMorgan Chase & Co. began coverage on Teck Resources in a research note on Tuesday, October 17th. They set an “overweight” rating and a $52.00 target price on the stock. Wolfe Research raised Teck Resources from a “peer perform” rating to an “outperform” rating in a research note on Friday, November 10th. B. Riley decreased their target price on Teck Resources from $78.00 to $63.00 and set a “buy” rating on the stock in a research note on Thursday, October 26th. Finally, National Bank Financial raised Teck Resources from a “sector perform” rating to an “outperform” rating in a research note on Thursday, July 27th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $62.91.
Teck Resources Stock Down 2.8 %
Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last issued its earnings results on Tuesday, October 24th. The basic materials company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.20). Teck Resources had a return on equity of 9.11% and a net margin of 15.78%. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.77 billion. On average, equities analysts anticipate that Teck Resources Limited will post 3.83 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Teck Resources
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Wetherby Asset Management Inc. raised its position in shares of Teck Resources by 0.7% during the 1st quarter. Wetherby Asset Management Inc. now owns 39,655 shares of the basic materials company’s stock worth $1,447,000 after acquiring an additional 270 shares in the last quarter. Daymark Wealth Partners LLC grew its stake in Teck Resources by 3.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 7,910 shares of the basic materials company’s stock worth $341,000 after buying an additional 273 shares during the last quarter. Private Trust Co. NA grew its stake in Teck Resources by 29.9% during the 2nd quarter. Private Trust Co. NA now owns 1,215 shares of the basic materials company’s stock worth $51,000 after buying an additional 280 shares during the last quarter. Optimum Investment Advisors grew its stake in Teck Resources by 60.0% during the 2nd quarter. Optimum Investment Advisors now owns 800 shares of the basic materials company’s stock worth $34,000 after buying an additional 300 shares during the last quarter. Finally, Wealthsource Partners LLC grew its stake in Teck Resources by 4.0% during the 3rd quarter. Wealthsource Partners LLC now owns 7,747 shares of the basic materials company’s stock worth $334,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 59.23% of the company’s stock.
About Teck Resources
Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.
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