Teck Resources Ltd (TECK) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Teck Resources Ltd (NYSE:TECK) from a hold rating to a buy rating in a research report released on Thursday morning. Zacks Investment Research currently has $24.00 price objective on the stock.
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 equities analysts also recently issued reports about the stock. B. Riley reissued a buy rating on shares of Teck Resources in a research note on Wednesday, November 1st. BidaskClub downgraded shares of Teck Resources from a strong-buy rating to a buy rating in a research note on Friday, September 15th. ValuEngine downgraded shares of Teck Resources from a strong-buy rating to a buy rating in a research note on Wednesday, September 6th. Deutsche Bank AG reissued a buy rating and issued a $26.00 price target (up from $24.00) on shares of Teck Resources in a research note on Monday, September 25th. Finally, Berenberg Bank reissued a buy rating and issued a $27.50 price target on shares of Teck Resources in a research note on Tuesday, October 31st. One analyst has rated the stock with a sell rating and twenty-two have given a buy rating to the company. The stock currently has an average rating of Buy and an average price target of C$31.13.
Teck Resources (NYSE TECK) traded up C$0.08 on Thursday, reaching C$21.53. 2,460,000 shares of the company’s stock traded hands, compared to its average volume of 5,262,071. The company has a current ratio of 2.17, a quick ratio of 1.42 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $12,282.87, a P/E ratio of 5.85, a price-to-earnings-growth ratio of 0.82 and a beta of 1.26. Teck Resources has a fifty-two week low of C$14.56 and a fifty-two week high of C$33.76.
Institutional investors and hedge funds have recently made changes to their positions in the business. Capital Analysts LLC acquired a new stake in shares of Teck Resources during the second quarter valued at about $100,000. Winslow Evans & Crocker Inc. acquired a new stake in shares of Teck Resources during the second quarter valued at about $108,000. Financial Architects Inc acquired a new stake in shares of Teck Resources during the second quarter valued at about $123,000. PNC Financial Services Group Inc. acquired a new stake in shares of Teck Resources during the second quarter valued at about $124,000. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of Teck Resources during the second quarter valued at about $164,000. Institutional investors and hedge funds own 47.08% of the company’s stock.
About Teck Resources
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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