Teck Resources (NYSE:TECK) Cut to Hold at Veritas

Teck Resources (NYSE:TECK) (TSE:TECK) was downgraded by equities researchers at Veritas from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other research firms also recently commented on TECK. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a report on Tuesday, April 14th. Wall Street Zen upgraded Teck Resources to a “buy” rating in a report on Saturday, May 16th. Zacks Research downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 22nd. TD Securities restated a “hold” rating on shares of Teck Resources in a report on Friday, April 24th. Finally, Weiss Ratings upgraded Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, April 24th. Five equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Teck Resources has an average rating of “Hold” and an average price target of $59.17.

Teck Resources Trading Down 8.4%

Shares of TECK stock opened at $61.60 on Thursday. The company has a market cap of $29.70 billion, a P/E ratio of 22.56, a PEG ratio of 4.93 and a beta of 0.89. The stock has a 50 day simple moving average of $59.70 and a two-hundred day simple moving average of $53.54. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.16 and a current ratio of 2.83. Teck Resources has a fifty-two week low of $30.98 and a fifty-two week high of $71.25.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Brown Brothers Harriman & Co. purchased a new position in shares of Teck Resources during the fourth quarter valued at approximately $25,000. Blue Trust Inc. boosted its position in shares of Teck Resources by 411.8% during the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock valued at $29,000 after buying an additional 453 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Teck Resources by 117.4% during the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock valued at $29,000 after buying an additional 303 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Teck Resources by 72.4% during the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock valued at $37,000 after buying an additional 351 shares during the last quarter. Finally, SouthState Bank Corp purchased a new position in shares of Teck Resources during the third quarter valued at approximately $50,000. 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.