Teck Resources (NYSE:TECK) Rating Increased to Hold at ValuEngine

Teck Resources (NYSE:TECK) (TSE:TECK) was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating in a research report issued on Wednesday, ValuEngine reports.

A number of other research analysts have also weighed in on TECK. B. Riley set a $39.00 target price on Teck Resources and gave the company a “buy” rating in a report on Wednesday, October 9th. Barclays set a $33.00 price target on shares of Teck Resources and gave the stock a “buy” rating in a report on Tuesday, October 15th. Clarkson Capital reissued a “neutral” rating on shares of Teck Resources in a report on Monday, September 23rd. Royal Bank of Canada lowered shares of Teck Resources to a “buy” rating and set a $35.00 price objective for the company. in a research report on Friday, October 25th. Finally, Bank of America cut shares of Teck Resources from a “buy” rating to an “underperform” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $32.22.

Teck Resources stock opened at $15.72 on Wednesday. Teck Resources has a one year low of $14.51 and a one year high of $25.75. The business has a fifty day moving average price of $16.24 and a 200-day moving average price of $18.52. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.08 and a quick ratio of 1.28. The firm has a market capitalization of $8.50 billion, a P/E ratio of 5.01 and a beta of 1.45.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.11. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.31 billion. Teck Resources had a return on equity of 8.07% and a net margin of 13.28%. During the same period in the previous year, the company posted $0.80 EPS. Sell-side analysts expect that Teck Resources will post 2.31 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in TECK. Vanguard Group Inc. grew its holdings in shares of Teck Resources by 2.7% during the second quarter. Vanguard Group Inc. now owns 14,611,874 shares of the basic materials company’s stock worth $336,950,000 after purchasing an additional 388,362 shares in the last quarter. Letko Brosseau & Associates Inc. increased its holdings in shares of Teck Resources by 4.4% in the 3rd quarter. Letko Brosseau & Associates Inc. now owns 14,037,271 shares of the basic materials company’s stock worth $227,735,000 after buying an additional 589,326 shares during the last quarter. Beutel Goodman & Co Ltd. increased its holdings in shares of Teck Resources by 90,312.3% in the 3rd quarter. Beutel Goodman & Co Ltd. now owns 9,854,036 shares of the basic materials company’s stock worth $7,251,000 after buying an additional 9,843,137 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of Teck Resources by 1.6% in the 2nd quarter. CIBC Asset Management Inc now owns 7,966,013 shares of the basic materials company’s stock worth $183,825,000 after buying an additional 127,161 shares during the last quarter. Finally, BlackRock Inc. raised its position in shares of Teck Resources by 28.8% during the 2nd quarter. BlackRock Inc. now owns 4,549,382 shares of the basic materials company’s stock valued at $104,909,000 after buying an additional 1,016,448 shares in the last quarter. 52.95% of the stock is currently owned by hedge funds and other institutional investors.

About Teck Resources

Teck Resources Limited researches, explores for, develops, and produces natural resources in the Asia Pacific, the Americas, and Europe. It operates through five segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate. The company's principal products include 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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