Teck Resources (NYSE:TECK) Downgraded to “Neutral” Rating by UBS Group

UBS Group lowered shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a buy rating to a neutral rating in a report published on Monday morning, Marketbeat.com reports.

Several other equities analysts have also issued reports on TECK. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research report on Friday, October 25th. BMO Capital Markets started coverage on Teck Resources in a report on Monday, July 15th. They set an “outperform” rating on the stock. Scotiabank raised their price target on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. Finally, Citigroup upgraded Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $65.29.

Teck Resources Stock Performance

Shares of TECK stock opened at $47.59 on Monday. The business’s 50-day moving average price is $48.66 and its 200-day moving average price is $48.78. Teck Resources has a 12 month low of $34.56 and a 12 month high of $55.13. The firm has a market capitalization of $24.09 billion, a price-to-earnings ratio of 72.11 and a beta of 1.04. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16.

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. The firm had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The business’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same period last year, the firm posted $0.57 earnings per share. Equities research analysts forecast that Teck Resources will post 1.91 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Headlands Technologies LLC purchased a new position in shares of Teck Resources in the second quarter worth $38,000. Eastern Bank purchased a new stake in Teck Resources during the third quarter valued at $39,000. Bruce G. Allen Investments LLC increased its position in Teck Resources by 77.4% during the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after acquiring an additional 383 shares during the last quarter. Blue Trust Inc. increased its position in Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after acquiring an additional 898 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its position in Teck Resources by 69.7% during the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 409 shares during the last quarter. 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.