Teck Resources (TECK) Upgraded to Buy at Goldman Sachs Group

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Teck Resources (NYSE:TECK) (TSE:TECK) was upgraded by equities research analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued on Monday, The Fly reports.

Other analysts have also issued research reports about the company. MKM Partners reissued a “buy” rating on shares of Teck Resources in a report on Friday, October 19th. Seaport Global Securities raised Teck Resources from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Monday, October 15th. CIBC reissued a “buy” rating on shares of Teck Resources in a report on Tuesday, October 30th. Canaccord Genuity restated a “buy” rating on shares of Teck Resources in a research report on Tuesday, October 30th. Finally, Scotiabank restated a “buy” rating on shares of Teck Resources in a research report on Tuesday, October 30th. Three research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Teck Resources has an average rating of “Buy” and an average price target of $31.57.

Shares of NYSE:TECK opened at $22.77 on Monday. Teck Resources has a 1-year low of $18.17 and a 1-year high of $30.80. The company has a market cap of $12.98 billion, a PE ratio of 6.64, a PEG ratio of 0.73 and a beta of 1.23. The company has a current ratio of 2.30, a quick ratio of 1.39 and a debt-to-equity ratio of 0.23.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Wednesday, October 24th. The basic materials company reported $0.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by ($0.11). Teck Resources had a return on equity of 12.31% and a net margin of 27.35%. The firm had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.40 billion. Research analysts expect that Teck Resources will post 3.32 EPS for the current year.

Several institutional investors have recently bought and sold shares of TECK. Point72 Asset Management L.P. bought a new position in Teck Resources in the 3rd quarter valued at $23,775,000. Nomura Holdings Inc. raised its position in Teck Resources by 28.1% in the 2nd quarter. Nomura Holdings Inc. now owns 14,092 shares of the basic materials company’s stock valued at $359,000 after purchasing an additional 3,091 shares during the last quarter. Millennium Management LLC raised its position in Teck Resources by 38.7% in the 2nd quarter. Millennium Management LLC now owns 1,457,767 shares of the basic materials company’s stock valued at $37,100,000 after purchasing an additional 406,676 shares during the last quarter. Virginia Retirement Systems ET AL raised its position in Teck Resources by 13.5% in the 3rd quarter. Virginia Retirement Systems ET AL now owns 73,100 shares of the basic materials company’s stock valued at $1,760,000 after purchasing an additional 8,700 shares during the last quarter. Finally, Bank of Nova Scotia raised its position in Teck Resources by 37.7% in the 2nd quarter. Bank of Nova Scotia now owns 2,225,489 shares of the basic materials company’s stock valued at $56,520,000 after purchasing an additional 609,807 shares during the last quarter. Institutional investors and hedge funds own 53.44% of the company’s stock.

Teck Resources Company Profile

Teck Resources Limited researches, explores for, develops, and produces natural resources in the Americas, the Asia Pacific, and Europe. It operates through five segments: Steelmaking Coal, Copper, Zinc, Energy, and Corporate. The company's principal products comprise steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.

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Analyst Recommendations for Teck Resources (NYSE:TECK)

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