UBS Group Downgrades Teck Resources (NYSE:TECK) to Neutral

UBS Group lowered shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a buy rating to a neutral rating in a research note published on Monday, MarketBeat Ratings reports.

Several other equities research analysts have also issued reports on the company. Citigroup raised Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Benchmark reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Teck Resources in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft downgraded Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a report on Friday, October 25th. Scotiabank increased their price target on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a report on Tuesday, October 8th. Finally, TD Securities upgraded Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources Stock Performance

Shares of TECK opened at $47.59 on Monday. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The business has a 50-day simple moving average of $48.66 and a two-hundred day simple moving average of $48.78. The stock has a market cap of $24.09 billion, a price-to-earnings ratio of 72.11 and a beta of 1.04. Teck Resources has a 52 week low of $34.56 and a 52 week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The company had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same period in the prior year, the company earned $0.57 earnings per share. The firm’s revenue was down 20.6% on a year-over-year basis. On average, analysts expect that Teck Resources will post 1.91 EPS for the current year.

Hedge Funds Weigh In On Teck Resources

A number of institutional investors have recently modified their holdings of TECK. Susquehanna Fundamental Investments LLC purchased a new stake in Teck Resources during the 1st quarter worth approximately $485,000. Vanguard Group Inc. boosted its holdings in shares of Teck Resources by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock worth $765,493,000 after purchasing an additional 290,034 shares during the last quarter. Country Club Bank acquired a new position in shares of Teck Resources during the 2nd quarter worth approximately $1,747,000. Atria Investments Inc acquired a new position in shares of Teck Resources during the 1st quarter worth approximately $1,141,000. Finally, Intech Investment Management LLC acquired a new position in shares of Teck Resources during the 1st quarter worth approximately $1,086,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

About Teck Resources

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.