Teck Resources Ltd (NYSE:TECK) (TSE:TECK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Teck Resources Limited is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. It is a world leader in the production of copper, metallurgical coal and zinc, a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets. Headquartered in Vancouver, Canada, the company has expertise across the full range of activities related to mining, including exploration, development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. The Company is actively exploring in countries throughout the Americas, Asia Pacific, Europe and Africa. Teck Resources Limited, formerly Teck Cominco Limited, is headquartered in Vancouver, Canada. “
Several other research analysts have also recently commented on the stock. B. Riley reaffirmed a “buy” rating on shares of Teck Resources in a report on Wednesday, November 1st. BidaskClub cut shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a report on Friday, September 15th. ValuEngine cut shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a report on Wednesday, September 6th. Deutsche Bank AG reaffirmed a “buy” rating and set a $26.00 target price (up from $24.00) on shares of Teck Resources in a report on Monday, September 25th. Finally, Berenberg Bank reaffirmed a “buy” rating and set a $27.50 target price on shares of Teck Resources in a report on Tuesday, October 31st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $31.13.
Shares of Teck Resources (NYSE:TECK) traded down $0.50 during mid-day trading on Tuesday, reaching $21.34. 817,890 shares of the company’s stock traded hands, compared to its average volume of 5,136,388. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.42. The firm has a market capitalization of $12,510.00, a P/E ratio of 5.85, a PEG ratio of 0.82 and a beta of 1.27. Teck Resources has a 1 year low of $14.56 and a 1 year high of $33.76.
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Several hedge funds and other institutional investors have recently bought and sold shares of TECK. Letko Brosseau & Associates Inc. bought a new stake in shares of Teck Resources during the second quarter worth $237,787,000. Impala Asset Management LLC bought a new stake in shares of Teck Resources during the second quarter worth $217,614,000. Capital Research Global Investors bought a new stake in shares of Teck Resources during the second quarter worth $187,626,000. Vanguard Group Inc. bought a new stake in shares of Teck Resources during the second quarter worth $182,655,000. Finally, TD Asset Management Inc. bought a new stake in shares of Teck Resources during the second quarter worth $146,189,000. 45.80% of the stock is currently owned by hedge funds and other institutional investors.
About Teck Resources
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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