Teck Resources (NYSE:TECK) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a sell rating to a hold rating in a research report sent to investors on Wednesday.

Several other research analysts have also commented on the company. Citigroup upgraded Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. CIBC lifted their target price on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a report on Friday, July 12th. Scotiabank increased their price target on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. lifted their price objective on shares of Teck Resources from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Paradigm Capital raised shares of Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $67.43.

Teck Resources Stock Performance

NYSE:TECK opened at $50.43 on Wednesday. The company has a market cap of $25.76 billion, a price-to-earnings ratio of 22.31 and a beta of 1.02. Teck Resources has a 1 year low of $34.38 and a 1 year high of $55.13. The stock’s 50 day simple moving average is $48.61 and its two-hundred day simple moving average is $48.67. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77.

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

Institutional Investors Weigh In On Teck Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Teck Resources by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 16,431,096 shares of the basic materials company’s stock worth $694,542,000 after acquiring an additional 457,592 shares during the period. PNC Financial Services Group Inc. grew its stake in Teck Resources by 8.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,357 shares of the basic materials company’s stock worth $480,000 after purchasing an additional 865 shares in the last quarter. HighPoint Advisor Group LLC bought a new position in Teck Resources in the fourth quarter worth approximately $223,000. First Hawaiian Bank raised its position in Teck Resources by 6.0% during the 1st quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock valued at $254,000 after purchasing an additional 313 shares in the last quarter. Finally, Douglas Lane & Associates LLC lifted its holdings in shares of Teck Resources by 16.9% in the 1st quarter. Douglas Lane & Associates LLC now owns 775,286 shares of the basic materials company’s stock worth $35,493,000 after buying an additional 111,920 shares during the period. Institutional investors own 78.06% of the company’s stock.

Teck Resources Company Profile

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.