Teck Resources (NYSE:TECK) Stock Rating Lowered by Veritas

Teck Resources (NYSE:TECK) (TSE:TECK) was downgraded by analysts at Veritas from a “strong-buy” rating to a “hold” rating in a report released on Thursday,Zacks.com reports.

Several other research firms have also recently commented on TECK. Weiss Ratings upgraded Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, April 24th. Zacks Research lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. boosted their target price on shares of Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Wall Street Zen upgraded shares of Teck Resources to a “buy” rating in a research report on Saturday, May 16th. Finally, Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research report on Tuesday, April 14th. Five equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat, Teck Resources has a consensus rating of “Hold” and an average price target of $59.17.

Teck Resources Price Performance

Teck Resources stock opened at $61.60 on Thursday. Teck Resources has a 12 month low of $30.98 and a 12 month high of $71.25. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.83 and a quick ratio of 2.16. The business has a 50 day simple moving average of $59.70 and a 200-day simple moving average of $53.54. The stock has a market capitalization of $29.70 billion, a PE ratio of 22.56, a price-to-earnings-growth ratio of 4.93 and a beta of 0.89.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Brown Brothers Harriman & Co. purchased a new position in shares of Teck Resources in the fourth quarter valued at $25,000. Blue Trust Inc. increased its position in shares of Teck Resources by 411.8% in the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock valued at $29,000 after buying an additional 453 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of Teck Resources by 117.4% in the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock valued at $29,000 after buying an additional 303 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of Teck Resources by 72.4% in the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock valued at $37,000 after buying an additional 351 shares in the last quarter. Finally, SouthState Bank Corp purchased a new position in shares of Teck Resources in the third quarter valued at $50,000. Hedge funds and other 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.