Teck Resources (NYSE:TECK) Downgraded to Hold Rating by Desjardins

Teck Resources (NYSE:TECK) (TSE:TECK) was downgraded by Desjardins from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday,Briefing.com Automated Import reports.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. boosted their price target on Teck Resources from $41.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, July 9th. Morgan Stanley lowered Teck Resources from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $42.00 to $44.00 in a report on Tuesday. BMO Capital Markets began coverage on Teck Resources in a report on Wednesday, April 16th. They issued an “outperform” rating on the stock. Stifel Canada raised Teck Resources to a “hold” rating in a report on Tuesday, July 8th. Finally, UBS Group reaffirmed a “neutral” rating on shares of Teck Resources in a report on Tuesday, April 15th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.75.

Teck Resources Stock Performance

TECK stock traded down $0.42 during trading on Friday, hitting $37.63. The company had a trading volume of 478,784 shares, compared to its average volume of 3,244,023. The firm has a market cap of $18.18 billion, a PE ratio of 64.81, a price-to-earnings-growth ratio of 0.58 and a beta of 0.80. Teck Resources has a 1-year low of $28.32 and a 1-year high of $54.13. The firm has a 50-day moving average price of $38.17 and a 200-day moving average price of $38.75. The company has a quick ratio of 2.57, a current ratio of 3.36 and a debt-to-equity ratio of 0.15.

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

Institutional Investors Weigh In On Teck Resources

Several institutional investors have recently modified their holdings of the company. Union Bancaire Privee UBP SA boosted its stake in shares of Teck Resources by 4.3% during the 2nd quarter. Union Bancaire Privee UBP SA now owns 6,402 shares of the basic materials company’s stock worth $259,000 after acquiring an additional 264 shares in the last quarter. Klein Pavlis & Peasley Financial Inc. lifted its stake in Teck Resources by 9.8% in the 2nd quarter. Klein Pavlis & Peasley Financial Inc. now owns 46,783 shares of the basic materials company’s stock valued at $1,889,000 after buying an additional 4,183 shares in the last quarter. Signaturefd LLC lifted its stake in Teck Resources by 21.4% in the 2nd quarter. Signaturefd LLC now owns 21,560 shares of the basic materials company’s stock valued at $871,000 after buying an additional 3,798 shares in the last quarter. Fifth Third Bancorp lifted its stake in Teck Resources by 8.0% in the 2nd 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 in the last quarter. Finally, Park Avenue Securities LLC lifted its stake in Teck Resources by 29.3% in the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

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.