Teck Resources (NYSE:TECK) Lowered to “Hold” Rating by TD Securities

TD Securities lowered shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a buy rating to a hold rating in a report published on Thursday morning, MarketBeat.com reports.

A number of other equities research analysts have also recently weighed in on TECK. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a report on Tuesday, November 25th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $46.00 target price on shares of Teck Resources in a report on Wednesday, November 26th. Natl Bk Canada downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Citigroup reiterated a “neutral” rating on shares of Teck Resources in a research report on Thursday, January 15th. Finally, Raymond James Financial downgraded shares of Teck Resources from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $53.33.

Teck Resources Stock Down 3.4%

Shares of NYSE TECK opened at $51.19 on Thursday. The company has a quick ratio of 2.08, a current ratio of 2.78 and a debt-to-equity ratio of 0.15. Teck Resources has a 52 week low of $28.32 and a 52 week high of $54.00. The firm has a 50-day moving average price of $45.88 and a 200 day moving average price of $40.99. The stock has a market capitalization of $24.62 billion, a price-to-earnings ratio of 28.76, a price-to-earnings-growth ratio of 0.57 and a beta of 0.79.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.16. Teck Resources had a net margin of 11.93% and a return on equity of 4.14%. The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same period in the prior year, the business posted $0.60 earnings per share. The firm’s revenue for the quarter was up 18.4% compared to the same quarter last year. Equities research analysts anticipate that Teck Resources will post 1.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Teck Resources

A number of hedge funds and other institutional investors have recently modified their holdings of TECK. Versant Capital Management Inc purchased a new position in shares of Teck Resources during the third quarter valued at approximately $26,000. Smartleaf Asset Management LLC lifted its stake in shares of Teck Resources by 72.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 351 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Teck Resources during the second quarter worth $49,000. SouthState Bank Corp purchased a new stake in shares of Teck Resources in the third quarter valued at $50,000. Finally, Tobam purchased a new stake in shares of Teck Resources in the second quarter valued at $62,000. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Company Profile

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.