Teck Resources (NYSE:TECK) Rating Lowered to Equal Weight at Morgan Stanley

Teck Resources (NYSE:TECK) (TSE:TECK) was downgraded by equities researchers at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued on Tuesday, MarketBeat.com reports. They currently have a $44.00 price target on the basic materials company’s stock, up from their prior price target of $42.00. Morgan Stanley’s target price indicates a potential upside of 18.66% from the stock’s previous close.

TECK has been the topic of several other research reports. BMO Capital Markets started coverage on Teck Resources in a research report on Wednesday, April 16th. They issued an “outperform” rating on the stock. UBS Group reaffirmed a “neutral” rating on shares of Teck Resources in a research report on Tuesday, April 15th. JPMorgan Chase & Co. increased their price target on Teck Resources from $41.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 9th. National Bank Financial raised Teck Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 24th. Finally, National Bankshares raised Teck Resources from a “sector perform” rating to an “outperform” rating in a research report on Thursday, April 24th. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Teck Resources has an average rating of “Moderate Buy” and a consensus target price of $60.75.

Teck Resources Stock Performance

NYSE:TECK opened at $37.08 on Tuesday. The stock’s fifty day moving average is $38.10 and its 200 day moving average is $38.76. Teck Resources has a fifty-two week low of $28.32 and a fifty-two week high of $54.13. The firm has a market capitalization of $17.91 billion, a PE ratio of 63.94, a PEG ratio of 0.58 and a beta of 0.80. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.36.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.24 by $0.18. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $2.19 billion. Teck Resources had a return on equity of 4.53% and a net margin of 3.48%. Teck Resources’s quarterly revenue was up 41.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.75 EPS. On average, sell-side analysts anticipate that Teck Resources will post 1.53 earnings per share for the current year.

Institutional Investors Weigh In On Teck Resources

A number of hedge funds have recently made changes to their positions in the stock. Signaturefd LLC lifted its stake in shares of Teck Resources by 21.4% during the 2nd quarter. Signaturefd LLC now owns 21,560 shares of the basic materials company’s stock worth $871,000 after purchasing an additional 3,798 shares during the last quarter. Fifth Third Bancorp raised its stake in Teck Resources by 8.0% in the second quarter. Fifth Third Bancorp now owns 8,314 shares of the basic materials company’s stock valued at $336,000 after buying an additional 616 shares during the last quarter. Park Avenue Securities LLC raised its stake in Teck Resources by 29.3% in the second quarter. Park Avenue Securities LLC now owns 19,802 shares of the basic materials company’s stock valued at $800,000 after buying an additional 4,489 shares during the last quarter. Avanza Fonder AB purchased a new stake in Teck Resources in the second quarter valued at about $1,176,000. Finally, Farther Finance Advisors LLC raised its stake in Teck Resources by 351.8% in the second quarter. Farther Finance Advisors LLC now owns 4,654 shares of the basic materials company’s stock valued at $188,000 after buying an additional 3,624 shares during the last quarter. 78.06% of the stock is currently owned by hedge funds and other 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.