Teck Resources (NYSE:TECK) Cut to Hold at TD Securities

TD Securities lowered shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a buy rating to a hold rating in a research note published on Thursday, Marketbeat.com reports.

A number of other research analysts have also issued reports on the company. JPMorgan Chase & Co. increased their target price on Teck Resources from $43.00 to $51.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. Canaccord Genuity Group cut shares of Teck Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, October 8th. Benchmark reaffirmed a “buy” rating on shares of Teck Resources in a report on Thursday, October 23rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $46.00 target price on shares of Teck Resources in a research report on Wednesday, November 26th. Finally, Scotiabank reissued a “sector perform” rating on shares of Teck Resources in a research note on Tuesday, November 25th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and fourteen have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $53.33.

Teck Resources Trading Up 3.5%

TECK stock opened at $53.04 on Thursday. The company has a quick ratio of 2.08, a current ratio of 2.78 and a debt-to-equity ratio of 0.15. Teck Resources has a 52-week low of $28.32 and a 52-week high of $54.00. The company’s 50-day simple moving average is $46.12 and its 200-day simple moving average is $41.10. The firm has a market cap of $25.50 billion, a P/E ratio of 29.80, a PEG ratio of 0.56 and a beta of 0.79.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.16. The company had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Teck Resources had a return on equity of 4.14% and a net margin of 11.93%.Teck Resources’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.60 EPS. As a group, equities analysts forecast that Teck Resources will post 1.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Teck Resources

A number of large investors have recently made changes to their positions in TECK. Versant Capital Management Inc bought a new stake in shares of Teck Resources in the 3rd quarter worth approximately $26,000. Smartleaf Asset Management LLC boosted its holdings in Teck Resources by 72.4% during the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after buying an additional 351 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Teck Resources in the second quarter worth approximately $49,000. SouthState Bank Corp bought a new position in shares of Teck Resources in the third quarter valued at $50,000. Finally, Tobam acquired a new stake in shares of Teck Resources during the 2nd quarter valued at $62,000. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.