Teck Resources (NYSE:TECK) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a sell rating to a hold rating in a report published on Monday morning.

Several other equities research analysts have also recently weighed in on TECK. JPMorgan Chase & Co. dropped their price objective on Teck Resources from $56.00 to $54.00 and set an overweight rating for the company in a report on Thursday, July 25th. Paradigm Capital upgraded shares of Teck Resources to a moderate buy rating in a report on Friday, July 26th. TD Securities raised shares of Teck Resources to a strong-buy rating in a research note on Tuesday, July 16th. Eight Capital downgraded shares of Teck Resources from a strong-buy rating to a hold rating in a research note on Thursday, July 11th. Finally, Morgan Stanley lifted their price objective on Teck Resources from $55.00 to $60.00 and gave the company an overweight rating in a research report on Friday, June 21st. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $67.00.

Teck Resources Stock Up 2.4 %

Shares of NYSE TECK opened at $50.42 on Monday. 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 current ratio of 1.48 and a quick ratio of 0.77. The firm’s 50 day simple moving average is $47.92 and its two-hundred day simple moving average is $48.42. The stock has a market capitalization of $25.76 billion, a P/E ratio of 22.31 and a beta of 1.02.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 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 business had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same period last year, the business earned $0.91 earnings per share. The business’s quarterly revenue was up 10.1% on a year-over-year basis. As a group, analysts expect that Teck Resources will post 2 EPS for the current fiscal year.

Hedge Funds Weigh In On Teck Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Hexagon Capital Partners LLC grew its position in Teck Resources by 143.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 386 shares during the last quarter. Creekmur Asset Management LLC purchased a new stake in Teck Resources during the 4th quarter valued at about $35,000. Headlands Technologies LLC purchased a new stake in Teck Resources during the 2nd quarter valued at about $38,000. Bruce G. Allen Investments LLC grew its position in Teck Resources by 77.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after purchasing an additional 383 shares during the last quarter. Finally, Blue Trust Inc. grew its position in Teck Resources by 583.1% during the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after purchasing an additional 898 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

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.