Teck Resources (NYSE:TECK) Rating Increased to Strong-Buy at Veritas

Teck Resources (NYSE:TECK) (TSE:TECK) was upgraded by equities research analysts at Veritas from a “strong sell” rating to a “strong-buy” rating in a report issued on Thursday,Zacks.com reports.

TECK has been the subject of a number of other reports. Benchmark reissued a “buy” rating on shares of Teck Resources in a research note on Thursday, October 23rd. Weiss Ratings raised Teck Resources from a “sell (d+)” rating to a “hold (c)” rating in a research report on Friday, October 24th. JPMorgan Chase & Co. upped their target price on Teck Resources from $43.00 to $51.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. Canaccord Genuity Group downgraded Teck Resources from a “buy” rating to a “hold” rating in a report on Wednesday, October 8th. Finally, Citigroup restated a “neutral” rating on shares of Teck Resources in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat.com, Teck Resources has a consensus rating of “Hold” and an average price target of $55.71.

Teck Resources Stock Up 0.1%

Shares of NYSE:TECK opened at $52.21 on Thursday. The firm has a market capitalization of $25.09 billion, a PE ratio of 29.33, a price-to-earnings-growth ratio of 0.57 and a beta of 0.79. The business has a 50 day simple moving average of $45.00 and a two-hundred day simple moving average of $40.64. Teck Resources has a 1 year low of $28.32 and a 1 year high of $52.42. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.78 and a quick ratio of 2.08.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.16. Teck Resources had a return on equity of 4.14% and a net margin of 11.93%.The firm had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the prior year, the business posted $0.60 earnings per share. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. On average, equities analysts predict that Teck Resources will post 1.53 EPS for the current year.

Institutional Investors Weigh In On Teck Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Teck Resources in the second quarter valued at $437,657,000. Northwest & Ethical Investments L.P. increased its holdings in shares of Teck Resources by 16.1% in the 2nd quarter. Northwest & Ethical Investments L.P. now owns 157,645 shares of the basic materials company’s stock valued at $6,402,000 after acquiring an additional 21,900 shares during the last quarter. Invesco Ltd. raised its position in shares of Teck Resources by 10.8% during the 2nd quarter. Invesco Ltd. now owns 5,565,955 shares of the basic materials company’s stock worth $224,753,000 after acquiring an additional 543,554 shares in the last quarter. Swiss National Bank lifted its stake in Teck Resources by 6.0% during the second quarter. Swiss National Bank now owns 1,428,679 shares of the basic materials company’s stock worth $57,555,000 after purchasing an additional 80,300 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Teck Resources by 6.9% in the second quarter. Franklin Resources Inc. now owns 368,585 shares of the basic materials company’s stock valued at $14,897,000 after purchasing an additional 23,842 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Company Profile

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.