Zacks Investment Research Lowers Teck Resources Ltd (NYSE:TECK) to Sell
Zacks Investment Research cut shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.
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. Deutsche Bank AG reiterated a buy rating and set a $23.00 target price (down from $24.00) on shares of Teck Resources in a report on Sunday, June 25th. Bank of America Corporation lowered shares of Teck Resources from a buy rating to a neutral rating and dropped their target price for the stock from $27.00 to $19.00 in a report on Friday, June 9th. J P Morgan Chase & Co upgraded shares of Teck Resources from a neutral rating to an overweight rating in a report on Tuesday, May 30th. Royal Bank Of Canada reiterated an outperform rating and set a $38.00 target price (down from $39.00) on shares of Teck Resources in a report on Friday, June 16th. Finally, Credit Suisse Group reiterated an outperform rating on shares of Teck Resources in a report on Tuesday, April 18th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-one have given a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $27.03.
Shares of Teck Resources (TECK) traded up 2.95% on Tuesday, reaching $22.32. The company’s stock had a trading volume of 2,998,797 shares. Teck Resources has a 12 month low of $14.56 and a 12 month high of $33.76. The firm has a market cap of $12.90 billion, a price-to-earnings ratio of 7.96 and a beta of 1.27. The stock 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 announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. Teck Resources had a return on equity of 13.01% and a net margin of 17.93%. The firm had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.75 billion. Teck Resources’s revenue for the quarter was up 62.0% compared to the same quarter last year. On average, analysts anticipate that Teck Resources will post $3.16 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.0399 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.16 annualized dividend and a dividend yield of 0.74%. Teck Resources’s payout ratio is 5.64%.
Institutional investors have recently added to or reduced their stakes in the stock. Winslow Evans & Crocker Inc. acquired a new position in Teck Resources during the second quarter valued at about $108,000. Financial Architects Inc acquired a new position in Teck Resources during the second quarter valued at about $123,000. Nexus Investment Management Inc. acquired a new position in Teck Resources during the second quarter valued at about $182,000. Candriam Luxembourg S.C.A. acquired a new position in Teck Resources during the second quarter valued at about $188,000. Finally, Atria Investments LLC acquired a new position in Teck Resources during the second quarter valued at about $231,000. Hedge funds and other institutional investors own 45.61% of the company’s stock.
Teck Resources Company Profile
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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