Teck Resources (TECK) Downgraded by Citigroup
Citigroup downgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a buy rating to a neutral rating in a research report released on Monday, MarketBeat Ratings reports.
Several other research firms also recently weighed in on TECK. CIBC began coverage on Teck Resources in a research note on Friday, November 17th. They issued a sector outperform rating for the company. Zacks Investment Research upgraded Teck Resources from a hold rating to a buy rating and set a $24.00 price target for the company in a research note on Thursday, November 9th. BidaskClub upgraded Teck Resources from a buy rating to a strong-buy rating in a research note on Friday, October 13th. MKM Partners restated a buy rating and issued a $28.00 price target (up from $25.00) on shares of Teck Resources in a research note on Thursday, August 24th. Finally, ValuEngine raised Teck Resources from a buy rating to a strong-buy rating in a report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nineteen have given a buy rating to the company’s stock. Teck Resources currently has a consensus rating of Buy and a consensus target price of $30.65.
Teck Resources (TECK) opened at $22.77 on Monday. The stock has a market capitalization of $13,035.92, a P/E ratio of 6.21, a P/E/G ratio of 0.83 and a beta of 1.31. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.42 and a current ratio of 2.17. Teck Resources has a 52 week low of $14.56 and a 52 week high of $26.45.
The firm also recently disclosed a special dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a $0.3141 dividend. This represents a yield of 0.72%. The ex-dividend date of this dividend is Thursday, December 14th. Teck Resources’s dividend payout ratio (DPR) is presently 2.53%.
A number of institutional investors have recently made changes to their positions in the business. Letko Brosseau & Associates Inc. bought a new position in Teck Resources in the 2nd quarter valued at $237,787,000. Impala Asset Management LLC bought a new position in shares of Teck Resources during the 2nd quarter worth $217,614,000. Capital Research Global Investors bought a new position in shares of Teck Resources during the 2nd quarter worth $187,626,000. Vanguard Group Inc. bought a new position in shares of Teck Resources during the 2nd quarter worth $182,655,000. Finally, TD Asset Management Inc. grew its position in shares of Teck Resources by 7.4% during the 3rd quarter. TD Asset Management Inc. now owns 9,073,233 shares of the basic materials company’s stock worth $190,584,000 after buying an additional 627,705 shares in the last quarter. 54.26% 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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