Teck Resources (NYSE:TECK) Rating Lowered to Sell at StockNews.com

Teck Resources (NYSE:TECK) (TSE:TECK) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

A number of other brokerages have also recently commented on TECK. JPMorgan Chase & Co. cut their target price on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Benchmark reaffirmed a “buy” rating and issued a $55.00 target price on shares of Teck Resources in a report on Thursday, July 25th. Morgan Stanley increased their target price on shares of Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, June 21st. Eight Capital downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 11th. Finally, BMO Capital Markets assumed coverage on Teck Resources in a research note on Monday, July 15th. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.00.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $53.40 on Wednesday. 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 has a 12 month low of $34.38 and a 12 month high of $55.13. The firm has a market capitalization of $27.32 billion, a P/E ratio of 23.63 and a beta of 1.01. The company’s fifty day moving average price is $47.05 and its 200 day moving average price is $47.93.

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

Institutional Trading of Teck Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Teck Resources by 1.8% in the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after buying an additional 290,034 shares in the last quarter. FIL Ltd increased its stake in Teck Resources by 98.8% in the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after purchasing an additional 5,933,226 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Teck Resources by 2.4% during the first quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock worth $394,178,000 after purchasing an additional 203,607 shares during the last quarter. CIBC Asset Management Inc boosted its position in Teck Resources by 2.8% during the fourth quarter. CIBC Asset Management Inc now owns 6,388,652 shares of the basic materials company’s stock worth $270,918,000 after purchasing an additional 174,492 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Teck Resources by 7.3% in the second quarter. Principal Financial Group Inc. now owns 6,103,740 shares of the basic materials company’s stock valued at $292,441,000 after purchasing an additional 416,070 shares during the last quarter. Institutional investors and hedge funds 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.