Teck Resources (NYSE:TECK) Downgraded to Hold Rating by Veritas

Veritas lowered shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a strong-buy rating to a hold rating in a research report released on Thursday morning,Zacks.com reports.

Several other analysts also recently issued reports on TECK. JPMorgan Chase & Co. boosted their price objective on Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Benchmark boosted their price objective on Teck Resources from $48.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, February 23rd. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Teck Resources in a report on Friday, May 15th. Weiss Ratings upgraded Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, April 24th. Finally, Scotiabank restated a “sector perform” rating on shares of Teck Resources in a report on Tuesday, April 14th. Five equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $59.17.

Teck Resources Price Performance

NYSE TECK opened at $61.60 on Thursday. The stock’s 50-day moving average price is $59.70 and its two-hundred day moving average price is $53.54. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. The company has a market cap of $29.70 billion, a PE ratio of 22.56, a PEG ratio of 4.93 and a beta of 0.89. Teck Resources has a 1 year low of $30.98 and a 1 year high of $71.25.

Teck Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. Teck Resources’s payout ratio is presently 13.55%.

Institutional Investors Weigh In On Teck Resources

A number of large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its position in Teck Resources by 17.1% during the first quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock worth $1,139,051,000 after purchasing an additional 3,211,985 shares during the period. Vanguard Group Inc. boosted its position in Teck Resources by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock worth $966,370,000 after purchasing an additional 278,481 shares during the period. Davis Selected Advisers boosted its position in Teck Resources by 9.0% during the fourth quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock worth $575,620,000 after purchasing an additional 995,947 shares during the period. Hancock Prospecting Pty Ltd boosted its position in Teck Resources by 31.7% during the fourth quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock worth $493,185,000 after purchasing an additional 2,477,344 shares during the period. Finally, Norges Bank bought a new stake in Teck Resources during the fourth quarter worth approximately $404,880,000. Institutional investors own 78.06% of the company’s stock.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.