Teck Resources (NYSE:TECK) Cut to Neutral at UBS Group

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

Other analysts have also recently issued research reports about the stock. Paradigm Capital upgraded shares of Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. BMO Capital Markets initiated coverage on Teck Resources in a report on Monday, July 15th. They issued an “outperform” rating for the company. Scotiabank boosted their target price on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, October 8th. TD Securities upgraded shares of Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Price Performance

Teck Resources stock opened at $44.91 on Monday. The business’s 50-day simple moving average is $48.69 and its 200 day simple moving average is $48.73. 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 stock has a market cap of $22.64 billion, a price-to-earnings ratio of 68.04 and a beta of 1.04. Teck Resources has a 12-month low of $34.56 and a 12-month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.24. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The company’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 EPS. As a group, research analysts anticipate that Teck Resources will post 1.84 earnings per share for the current year.

Institutional Investors Weigh In On Teck Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in TECK. Headlands Technologies LLC bought a new position in Teck Resources during the 2nd quarter worth about $38,000. Eastern Bank bought a new position in shares of Teck Resources during the third quarter worth about $39,000. Bruce G. Allen Investments LLC raised its position in Teck Resources by 77.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after buying an additional 383 shares during the last quarter. Blue Trust Inc. lifted its stake in Teck Resources by 583.1% in the 2nd 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 in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its position in Teck Resources by 69.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 409 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.