Teck Resources Ltd (TECK) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) from a buy rating to a hold rating in a report issued on Friday.
According to Zacks, “Teck Resources Limited is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. It is a world leader in the production of copper, metallurgical coal and zinc, a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets. Headquartered in Vancouver, Canada, the company has expertise across the full range of activities related to mining, including exploration, development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. The Company is actively exploring in countries throughout the Americas, Asia Pacific, Europe and Africa. Teck Resources Limited, formerly Teck Cominco Limited, is headquartered in Vancouver, Canada. “
Other analysts have also recently issued reports about the stock. BidaskClub cut shares of Teck Resources from a strong-buy rating to a buy rating in a report on Friday, September 15th. ValuEngine cut shares of Teck Resources from a strong-buy rating to a buy rating in a report on Wednesday, September 6th. Bank of America Corporation cut shares of Teck Resources from a buy rating to a neutral rating and decreased their price target for the stock from $27.00 to $19.00 in a report on Friday, June 9th. Deutsche Bank AG restated a buy rating and set a $26.00 price target (up from $24.00) on shares of Teck Resources in a report on Monday, September 25th. Finally, MKM Partners restated a buy rating and set a $30.00 price target on shares of Teck Resources in a report on Wednesday, September 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $31.18.
Shares of Teck Resources (NYSE:TECK) traded down 0.17% during trading on Friday, reaching $22.97. 3,069,121 shares of the company traded hands. Teck Resources has a 12 month low of $14.56 and a 12 month high of $26.60. The firm has a market capitalization of $13.27 billion, a PE ratio of 7.90 and a beta of 1.20. The firm has a 50-day moving average price of $22.98 and a 200-day moving average price of $20.59.
Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.71 by $0.02. The business had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Teck Resources had a net margin of 17.93% and a return on equity of 13.01%. Teck Resources’s quarterly revenue was up 62.0% on a year-over-year basis. Equities research analysts anticipate that Teck Resources will post $3.52 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were given a $0.0399 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend was Thursday, September 14th. Teck Resources’s dividend payout ratio is 3.01%.
Several large investors have recently added to or reduced their stakes in the company. Navellier & Associates Inc bought a new position in shares of Teck Resources in the second quarter valued at approximately $2,254,000. Paradigm Financial Advisors LLC bought a new position in shares of Teck Resources in the second quarter valued at approximately $711,000. Oak Associates Ltd. OH bought a new position in shares of Teck Resources in the second quarter valued at approximately $1,380,000. 1st Global Advisors Inc. bought a new position in shares of Teck Resources in the second quarter valued at approximately $601,000. Finally, Verition Fund Management LLC bought a new position in shares of Teck Resources in the second quarter valued at approximately $399,000. 46.80% of the stock is currently owned by institutional investors.
Teck Resources Company Profile
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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