Teck Resources (NYSE:TECK) Cut to “Strong Sell” at Veritas

Veritas downgraded shares of Teck Resources (NYSE:TECKFree Report) (TSE:TECK) from a hold rating to a strong sell rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 3rd. Raymond James Financial reiterated an “outperform” rating on shares of Teck Resources in a research note on Friday, October 10th. Cibc World Mkts downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Scotiabank reissued an “outperform” rating on shares of Teck Resources in a report on Wednesday, September 10th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Teck Resources in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $54.00.

View Our Latest Report on TECK

Teck Resources Price Performance

Shares of NYSE TECK opened at $44.26 on Tuesday. Teck Resources has a twelve month low of $28.32 and a twelve month high of $51.48. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average price is $37.94 and its 200-day moving average price is $36.77. The company has a market capitalization of $21.26 billion, a PE ratio of 116.48, a PEG ratio of 0.62 and a beta of 0.92.

Teck Resources (NYSE:TECKGet Free Report) (TSE:TECK) last posted its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.20 by $0.07. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the prior year, the business earned $0.79 earnings per share. Teck Resources’s revenue for the quarter was up 12.3% on a year-over-year basis. On average, equities analysts anticipate that Teck Resources will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were paid a dividend of $0.0918 per share. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Monday, September 15th. Teck Resources’s payout ratio is 94.74%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TECK. GAMMA Investing LLC grew its stake in shares of Teck Resources by 13,171.4% in the first quarter. GAMMA Investing LLC now owns 3,716 shares of the basic materials company’s stock worth $135,000 after purchasing an additional 3,688 shares during the last quarter. Fifth Third Bancorp grew its position in shares of Teck Resources by 8.4% in the 1st quarter. Fifth Third Bancorp now owns 7,698 shares of the basic materials company’s stock worth $280,000 after buying an additional 596 shares during the period. Clarius Group LLC raised its stake in Teck Resources by 12.9% during the first quarter. Clarius Group LLC now owns 8,159 shares of the basic materials company’s stock valued at $297,000 after buying an additional 931 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in Teck Resources by 22.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 12,141 shares of the basic materials company’s stock valued at $442,000 after buying an additional 2,240 shares during the last quarter. Finally, Harbour Capital Advisors LLC purchased a new position in Teck Resources during the first quarter valued at $694,000. 78.06% of the stock is owned by institutional investors.

Teck Resources Company Profile

(Get Free Report)

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.

Featured Stories

Analyst Recommendations for Teck Resources (NYSE:TECK)

Receive News & Ratings for Teck Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teck Resources and related companies with MarketBeat.com's FREE daily email newsletter.