Teck Resources Ltd (NYSE:TECK) (TSE:TECK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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. “
Other analysts have also issued reports about the stock. Clarkson Capital restated a “buy” rating on shares of Teck Resources in a research note on Friday, May 19th. Credit Suisse Group reiterated an “outperform” rating on shares of Teck Resources in a research note on Tuesday, April 18th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $38.00 price target (down from $39.00) on shares of Teck Resources in a research note on Friday, June 16th. J P Morgan Chase & Co upgraded shares of Teck Resources from a “neutral” rating to an “overweight” rating in a research report on Tuesday, May 30th. Finally, Bank of America Corporation upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and twenty-one have issued a buy rating to the stock. Teck Resources has an average rating of “Buy” and a consensus price target of $27.03.
Teck Resources (TECK) opened at 21.98 on Tuesday. The firm has a market cap of $12.70 billion, a price-to-earnings ratio of 7.84 and a beta of 1.26. Teck Resources has a 12-month low of $14.56 and a 12-month high of $26.60. The company has a 50-day moving average of $18.24 and a 200 day moving average of $20.45.
Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, July 27th. The basic materials company reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Teck Resources had a net margin of 17.93% and a return on equity of 13.01%. The firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.75 billion. The firm’s quarterly revenue was up 62.0% on a year-over-year basis. Equities analysts expect that Teck Resources will post $3.12 EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the stock. NN Investment Partners Holdings N.V. purchased a new position in Teck Resources during the second quarter valued at $623,000. Exane Asset Management bought a new position in shares of Teck Resources during the second quarter worth approximately $877,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new position in shares of Teck Resources during the second quarter worth approximately $1,496,000. Winslow Evans & Crocker Inc. bought a new position in shares of Teck Resources during the second quarter worth approximately $108,000. Finally, Aperio Group LLC bought a new position in shares of Teck Resources during the second quarter worth approximately $8,772,000. 45.61% of the stock is owned by 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.
Get a free copy of the Zacks research report on Teck Resources (TECK)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Teck Resources Ltd Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teck Resources Ltd and related companies with MarketBeat.com's FREE daily email newsletter.
