StockNews.com Upgrades Teck Resources (NYSE:TECK) to Hold

Teck Resources (NYSE:TECK) (TSE:TECK) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

A number of other research firms have also issued reports on TECK. BMO Capital Markets assumed coverage on shares of Teck Resources in a research report on Monday, July 15th. They issued an “outperform” rating on the stock. Benchmark reiterated a “buy” rating and issued a $55.00 target price on shares of Teck Resources in a report on Thursday, July 25th. Citigroup upgraded shares of Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their price target on shares of Teck Resources from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Eight Capital downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Teck Resources currently has an average rating of “Moderate Buy” and an average price target of $67.43.

Teck Resources Trading Down 3.2 %

Teck Resources stock opened at $49.36 on Wednesday. Teck Resources has a 12-month low of $34.38 and a 12-month high of $55.13. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. The stock has a market capitalization of $25.21 billion, a PE ratio of 21.84 and a beta of 1.02. The firm has a 50 day simple moving average of $48.18 and a 200-day simple moving average of $48.59.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The firm had revenue of $3.87 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same period last year, the company posted $0.91 EPS. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. As a group, equities research analysts expect that Teck Resources will post 2 EPS for the current fiscal year.

Institutional Investors Weigh In On Teck Resources

Several hedge funds have recently bought and sold shares of TECK. Hexagon Capital Partners LLC lifted its position in Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after buying an additional 386 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Teck Resources in the second quarter worth $38,000. Bruce G. Allen Investments LLC increased its stake in shares of Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after acquiring an additional 383 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after acquiring an additional 898 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its position in Teck Resources by 69.7% during the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 409 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.