StockNews.com Initiates Coverage on Teck Resources (NYSE:TECK)

Stock analysts at StockNews.com initiated coverage on shares of Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) in a research note issued on Thursday. The firm set a “hold” rating on the basic materials company’s stock.

Several other equities analysts also recently commented on the company. B. Riley upped their target price on Teck Resources from C$66.00 to C$68.00 in a research report on Friday, April 28th. 888 restated a “maintains” rating on shares of Teck Resources in a research note on Wednesday, May 3rd. National Bank Financial cut Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Thursday, April 27th. Benchmark upped their target price on Teck Resources from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, April 17th. Finally, Raymond James upped their target price on Teck Resources to C$69.00 in a research note on Thursday, April 27th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Teck Resources presently has a consensus rating of “Moderate Buy” and an average target price of $61.86.

Teck Resources Stock Performance

TECK opened at $38.89 on Thursday. Teck Resources has a 52-week low of $24.72 and a 52-week high of $49.34. The firm has a market capitalization of $19.93 billion, a PE ratio of 9.35, a PEG ratio of 1.46 and a beta of 1.06. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.80 and a current ratio of 1.28. The business’s 50-day simple moving average is $41.99 and its 200 day simple moving average is $39.85.

Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last announced its quarterly earnings results on Tuesday, February 21st. The basic materials company reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.17). The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.58 billion. Teck Resources had a return on equity of 15.71% and a net margin of 16.80%. As a group, sell-side analysts expect that Teck Resources will post 4.88 earnings per share for the current fiscal year.

Institutional Trading of Teck Resources

A number of large investors have recently bought and sold shares of TECK. Wetherby Asset Management Inc. increased its stake in shares of Teck Resources by 0.7% during the 1st quarter. Wetherby Asset Management Inc. now owns 39,655 shares of the basic materials company’s stock worth $1,447,000 after purchasing an additional 270 shares during the last quarter. Moors & Cabot Inc. lifted its holdings in shares of Teck Resources by 3.1% during the 4th quarter. Moors & Cabot Inc. now owns 9,125 shares of the basic materials company’s stock worth $345,000 after acquiring an additional 275 shares during the last quarter. Intercontinental Wealth Advisors LLC lifted its stake in Teck Resources by 1.3% in the first quarter. Intercontinental Wealth Advisors LLC now owns 23,774 shares of the basic materials company’s stock worth $868,000 after purchasing an additional 312 shares during the last quarter. Credit Agricole S A lifted its stake in Teck Resources by 1.9% in the third quarter. Credit Agricole S A now owns 17,789 shares of the basic materials company’s stock worth $527,000 after purchasing an additional 334 shares during the last quarter. Finally, Bessemer Group Inc. lifted its stake in Teck Resources by 0.3% in the first quarter. Bessemer Group Inc. now owns 126,432 shares of the basic materials company’s stock worth $4,610,000 after purchasing an additional 340 shares during the last quarter. 56.15% of the stock is currently owned by institutional investors and hedge funds.

About Teck Resources

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Teck Resources Limited is a resource company, which engages in the exploration, acquisition, development, production, and sale of natural resources, Its products include steelmaking coal, copper, zinc, industrial products and fertilizers, and other metals. Its project operations are located in Canada, Peru, Chile, and US.