Teck Resources (TECK) Receives a Buy from Barclays


Barclays analyst Matt Murphy maintained a Buy rating on Teck Resources (TECK) on October 19 and set a price target of C$23.00. The company’s shares closed last Tuesday at $13.93.

According to TipRanks.com, Murphy is a 4-star analyst with an average return of 10.0% and a 66.3% success rate. Murphy covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, First Quantum Minerals, and Freeport-McMoRan.

Currently, the analyst consensus on Teck Resources is a Strong Buy with an average price target of $16.81, which is a 23.2% upside from current levels. In a report issued on October 4, National Bank also upgraded the stock to Buy with a C$22.00 price target.

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Based on Teck Resources’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $1.72 billion and GAAP net loss of $149 million. In comparison, last year the company earned revenue of $3.14 billion and had a net profit of $231 million.

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Teck Resources Ltd. is a diversified resource company, which engages in the mining and mineral development of copper, steelmaking coal, zinc, and energy properties. The firm also produces germanium and indium. It operates through the following business segments: Steelmaking Coal, Copper, Zinc, Energy, and Corporate. The Steelmaking Coal segment exports steelmaking coal. The Copper segment produces copper in Canada, Chile, Peru, North America, and South America. The Zinc segment operates fully integrated zinc, lead smelting, and refining facilities. The Energy segment covers the oil sands mining and processing operations. The Corporate segment provides administrative, technical, financial, and other support to all of the business units. The company was founded on September 24, 1951 and is headquartered in Vancouver, Canada.

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