TD Securities Upgrades Teck Resources (NYSE:TECK) to “Strong-Buy”

Teck Resources (NYSE:TECK) (TSE:TECK) was upgraded by TD Securities to a “strong-buy” rating in a report issued on Tuesday, Zacks.com reports.

A number of other analysts have also recently commented on TECK. JPMorgan Chase & Co. upped their price target on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. CIBC increased their target price on shares of Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a report on Friday, July 12th. BMO Capital Markets began coverage on shares of Teck Resources in a report on Monday. They issued an “outperform” rating for the company. Eight Capital downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 11th. Finally, Benchmark lifted their target price on Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $62.33.

Teck Resources Price Performance

Shares of TECK stock opened at $45.96 on Tuesday. The firm’s 50 day moving average price is $49.80 and its two-hundred day moving average price is $45.15. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.49. Teck Resources has a 52-week low of $34.38 and a 52-week high of $55.13. The stock has a market cap of $23.48 billion, a PE ratio of 20.34, a PEG ratio of 11.85 and a beta of 1.05.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.31). The company had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $2.99 billion. Teck Resources had a return on equity of 7.52% and a net margin of 10.59%. As a group, analysts forecast that Teck Resources will post 1.97 EPS for the current year.

Hedge Funds Weigh In On Teck Resources

A number of large investors have recently bought and sold shares of TECK. First Hawaiian Bank boosted its holdings in Teck Resources by 6.0% during the first quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock worth $254,000 after purchasing an additional 313 shares during the last quarter. Cigna Investments Inc. New boosted its stake in shares of Teck Resources by 3.8% during the 2nd quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock worth $420,000 after buying an additional 317 shares during the last quarter. Verdence Capital Advisors LLC grew its holdings in shares of Teck Resources by 3.3% in the 1st quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock valued at $503,000 after acquiring an additional 353 shares in the last quarter. Wealthsource Partners LLC increased its position in shares of Teck Resources by 4.6% in the fourth quarter. Wealthsource Partners LLC now owns 8,106 shares of the basic materials company’s stock valued at $343,000 after acquiring an additional 359 shares during the last quarter. Finally, Hexagon Capital Partners LLC raised its holdings in Teck Resources by 143.0% during the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 386 shares in the last quarter. Institutional investors and hedge funds 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.