TD Securities Downgrades Teck Resources (NYSE:TECK) to Hold

Teck Resources (NYSE:TECK) (TSE:TECK) was downgraded by TD Securities from a “buy” rating to a “hold” rating in a report released on Thursday, Marketbeat.com reports.

Several other brokerages also recently commented on TECK. Benchmark reissued a “buy” rating on shares of Teck Resources in a report on Thursday, October 23rd. Raymond James Financial downgraded Teck Resources from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. Veritas upgraded Teck Resources from a “strong sell” rating to a “strong-buy” rating in a research report on Thursday, January 15th. Weiss Ratings raised Teck Resources from a “sell (d+)” rating to a “hold (c)” rating in a report on Friday, October 24th. Finally, Canaccord Genuity Group lowered Teck Resources from a “buy” rating to a “hold” rating in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and fourteen have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $53.33.

Teck Resources Stock Down 1.3%

Teck Resources stock traded down $0.70 during trading on Thursday, hitting $52.30. 1,794,836 shares of the company were exchanged, compared to its average volume of 4,009,037. The company has a market capitalization of $25.15 billion, a P/E ratio of 29.36, a PEG ratio of 0.54 and a beta of 0.79. The business’s 50 day moving average is $45.69 and its 200 day moving average is $40.92. Teck Resources has a 52 week low of $28.32 and a 52 week high of $54.00. The company has a current ratio of 2.78, a quick ratio of 2.08 and a debt-to-equity ratio of 0.15.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC lifted its holdings in Teck Resources by 11.1% in the first quarter. AQR Capital Management LLC now owns 34,705 shares of the basic materials company’s stock worth $1,264,000 after buying an additional 3,458 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Teck Resources by 453.0% in the 1st quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company’s stock valued at $354,000 after purchasing an additional 7,963 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Teck Resources by 1.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 465,861 shares of the basic materials company’s stock worth $16,971,000 after purchasing an additional 8,146 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in Teck Resources in the second quarter worth $245,000. Finally, Farther Finance Advisors LLC raised its holdings in Teck Resources by 351.8% in the second quarter. Farther Finance Advisors LLC now owns 4,654 shares of the basic materials company’s stock worth $188,000 after purchasing an additional 3,624 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

About Teck Resources

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.