StockNews.com Downgrades Teck Resources (NYSE:TECK) to Sell

StockNews.com lowered shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a hold rating to a sell rating in a report released on Wednesday.

A number of other research analysts have also recently issued reports on the company. Eight Capital cut Teck Resources from a strong-buy rating to a hold rating in a research report on Thursday, July 11th. Paradigm Capital upgraded shares of Teck Resources to a moderate buy rating in a report on Friday, July 26th. Benchmark reissued a buy rating and set a $55.00 target price on shares of Teck Resources in a research report on Thursday, July 25th. BMO Capital Markets began coverage on Teck Resources in a report on Monday, July 15th. They set an outperform rating for the company. Finally, TD Securities upgraded shares of Teck Resources to a strong-buy rating in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $65.00.

Teck Resources Price Performance

Shares of TECK opened at $52.44 on Wednesday. The company’s 50-day moving average is $47.16 and its 200-day moving average is $48.05. 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 firm has a market capitalization of $26.79 billion, a PE ratio of 23.20 and a beta of 1.01. Teck Resources has a fifty-two week low of $34.38 and a fifty-two week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.47 by $0.32. The company had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period last year, the firm earned $0.91 earnings per share. Equities analysts forecast that Teck Resources will post 1.98 EPS for the current year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 4.77%. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, September 13th. Teck Resources’s dividend payout ratio is currently 16.37%.

Institutional Trading of Teck Resources

Several institutional investors and hedge funds have recently made changes to their positions in TECK. Centaurus Financial Inc. acquired a new position in shares of Teck Resources during the second quarter worth $465,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Teck Resources in the second quarter valued at $1,288,000. Sanctuary Advisors LLC acquired a new position in Teck Resources in the 2nd quarter worth about $540,000. Clearbridge Investments LLC increased its holdings in Teck Resources by 2.7% in the 2nd quarter. Clearbridge Investments LLC now owns 1,065,704 shares of the basic materials company’s stock worth $51,047,000 after acquiring an additional 28,243 shares in the last quarter. Finally, Cetera Investment Advisers increased its stake in Teck Resources by 3.0% during the 2nd quarter. Cetera Investment Advisers now owns 38,099 shares of the basic materials company’s stock worth $1,825,000 after buying an additional 1,127 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

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.