Citigroup Upgrades Teck Resources (NYSE:TECK) to Hold

by · The Cerbat Gem

Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) was upgraded by research analysts at Citigroup to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

Several other research firms have also issued reports on TECK. UBS Group raised shares of Teck Resources from a “neutral” rating to a “buy” rating and upped their price target for the stock from $76.00 to $78.00 in a research report on Wednesday, September 4th. TD Securities raised shares of Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. Paradigm Capital raised shares of Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. dropped their price objective on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Finally, Eight Capital lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $65.00.

View Our Latest Analysis on Teck Resources

Teck Resources Stock Performance

Shares of TECK opened at $51.34 on Wednesday. Teck Resources has a 12 month low of $34.38 and a 12 month high of $55.13. The firm has a fifty day simple moving average of $47.67 and a 200 day simple moving average of $48.22. The stock has a market capitalization of $26.23 billion, a price-to-earnings ratio of 22.72 and a beta of 1.02. The company has a current ratio of 1.48, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19.

Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the prior year, the company posted $0.91 earnings per share. The firm’s revenue was up 10.1% on a year-over-year basis. Research analysts forecast that Teck Resources will post 1.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Teck Resources

A number of large investors have recently bought and sold shares of TECK. Hexagon Capital Partners LLC raised its holdings in Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after buying an additional 386 shares during the last quarter. Headlands Technologies LLC bought a new position in Teck Resources in the 2nd quarter valued at approximately $38,000. Creekmur Asset Management LLC bought a new position in Teck Resources in the 4th quarter valued at approximately $35,000. Massmutual Trust Co. FSB ADV raised its holdings in Teck Resources by 69.7% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after buying an additional 409 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings 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 buying an additional 898 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

About Teck Resources

(Get Free Report)

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.

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