Deutsche Bank Aktiengesellschaft Downgrades Teck Resources (NYSE:TECK) to Hold

Teck Resources (NYSE:TECK) (TSE:TECK) was downgraded by equities researchers at Deutsche Bank Aktiengesellschaft from a “buy” rating to a “hold” rating in a report issued on Friday, Briefing.com reports. They currently have a $50.00 price objective on the basic materials company’s stock. Deutsche Bank Aktiengesellschaft’s price objective indicates a potential upside of 6.77% from the company’s current price.

Other equities research analysts also recently issued reports about the company. UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating and increased their price target for the stock from $76.00 to $78.00 in a report on Wednesday, September 4th. CIBC lifted their target price on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday, July 12th. JPMorgan Chase & Co. upped their price target on shares of Teck Resources from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Eight Capital lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 11th. Finally, Paradigm Capital upgraded shares of Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.25.

Teck Resources Trading Down 5.5 %

TECK stock opened at $46.83 on Friday. Teck Resources has a twelve month low of $34.38 and a twelve month high of $55.13. The stock has a market capitalization of $23.70 billion, a price-to-earnings ratio of 22.96 and a beta of 1.02. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The firm’s fifty day simple moving average is $48.76 and its two-hundred day simple moving average is $48.73.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.47 by $0.32. The company had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The firm’s revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 EPS. As a group, analysts anticipate that Teck Resources will post 1.93 earnings per share for the current year.

Hedge Funds Weigh In On Teck Resources

A number of large investors have recently bought and sold shares of TECK. Hexagon Capital Partners LLC boosted its position in Teck Resources by 143.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 386 shares in the last quarter. Headlands Technologies LLC bought a new stake in Teck Resources during the second quarter valued at about $38,000. Eastern Bank purchased a new position in Teck Resources in the third quarter valued at about $39,000. Bruce G. Allen Investments LLC raised its holdings in 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 purchasing an additional 383 shares in the last quarter. Finally, Blue Trust Inc. lifted its position 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 valued at $48,000 after buying an additional 898 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

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.