Teck Resources (NYSE:TECK) Lowered to “Sell” at StockNews.com

StockNews.com downgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.

Other analysts have also recently issued reports about the stock. CIBC upped their price target on shares of Teck Resources from $70.00 to $80.00 and gave the company an outperformer rating in a report on Friday, July 12th. UBS Group raised Teck Resources from a neutral rating to a buy rating and lifted their price target for the company from $76.00 to $78.00 in a report on Wednesday, September 4th. Eight Capital lowered shares of Teck Resources from a strong-buy rating to a hold rating in a research report on Thursday, July 11th. BMO Capital Markets began coverage on Teck Resources in a research note on Monday, July 15th. They issued an outperform rating on the stock. Finally, Morgan Stanley lifted their price target on shares of Teck Resources from $55.00 to $60.00 and gave the stock an overweight rating in a research report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Teck Resources has a consensus rating of Moderate Buy and an average price target of $65.00.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $52.44 on Wednesday. The stock has a market cap of $26.79 billion, a PE ratio of 23.20 and a beta of 1.01. The business’s fifty day moving average price is $47.16 and its two-hundred day moving average price is $48.05. Teck Resources has a one year low of $34.38 and a one year high of $55.13. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The firm had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same period in the previous year, the firm earned $0.91 earnings per share. Teck Resources’s revenue was up 10.1% compared to the same quarter last year. On average, analysts forecast that Teck Resources will post 1.98 EPS for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a dividend of $0.625 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.77%. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is currently 16.37%.

Hedge Funds Weigh In On Teck Resources

A number of large investors have recently modified their holdings of TECK. First Hawaiian Bank boosted its holdings in shares of Teck Resources by 6.0% in the 1st quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock valued at $254,000 after purchasing an additional 313 shares in the last quarter. Cigna Investments Inc. New grew its holdings in shares of Teck Resources by 3.8% during the second quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock valued at $420,000 after buying an additional 317 shares during the last quarter. Candriam S.C.A. boosted its stake in Teck Resources by 4.0% during the 2nd quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock valued at $426,000 after purchasing an additional 343 shares during the last quarter. Daymark Wealth Partners LLC grew its stake in shares of Teck Resources by 4.2% in the 2nd quarter. Daymark Wealth Partners LLC now owns 8,532 shares of the basic materials company’s stock worth $409,000 after acquiring an additional 347 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its position in 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 worth $503,000 after purchasing an additional 353 shares in 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.