Teck Resources (NYSE:TECK) Upgraded by Wall Street Zen to Strong-Buy Rating

Teck Resources (NYSE:TECK) (TSE:TECK) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.

Several other equities analysts have also commented on TECK. Deutsche Bank Aktiengesellschaft raised their price target on Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. JPMorgan Chase & Co. cut their target price on shares of Teck Resources from $48.00 to $46.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Weiss Ratings upgraded shares of Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, April 24th. TD Securities reaffirmed a “hold” rating on shares of Teck Resources in a research report on Friday, April 24th. Finally, Zacks Research downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 22nd. Five equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $63.00.

Teck Resources Trading Down 1.3%

TECK opened at $55.05 on Friday. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13. The stock’s fifty day moving average is $62.18 and its two-hundred day moving average is $57.14. The company has a market capitalization of $26.58 billion, a P/E ratio of 20.17, a PEG ratio of 1.65 and a beta of 0.92. Teck Resources has a 52 week low of $30.98 and a 52 week high of $71.25.

Institutional Investors Weigh In On Teck Resources

A number of large investors have recently modified their holdings of the business. Principal Financial Group Inc. raised its position in shares of Teck Resources by 17.1% in the 1st quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock valued at $1,139,051,000 after purchasing an additional 3,211,985 shares during the last quarter. Vanguard Group Inc. increased its stake in Teck Resources by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock valued at $966,370,000 after purchasing an additional 278,481 shares in the last quarter. Davis Selected Advisers raised its holdings in shares of Teck Resources by 9.0% in the fourth quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock worth $575,620,000 after buying an additional 995,947 shares during the last quarter. Hancock Prospecting Pty Ltd raised its holdings in shares of Teck Resources by 31.7% in the fourth quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock worth $493,185,000 after buying an additional 2,477,344 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Teck Resources in the fourth quarter worth $404,880,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.