Teck Resources (NYSE:TECK) Raised to “Buy” at UBS Group

Teck Resources (NYSE:TECK) (TSE:TECK) was upgraded by analysts at UBS Group from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage presently has a $78.00 price target on the basic materials company’s stock, up from their prior price target of $76.00. UBS Group’s price objective suggests a potential upside of 74.50% from the stock’s previous close.

Several other research firms also recently commented on TECK. CIBC raised their price objective on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research note on Friday, July 12th. Morgan Stanley lifted their price target on shares of Teck Resources from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, June 21st. Eight Capital cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 11th. TD Securities upgraded shares of Teck Resources to a “strong-buy” rating in a research note on Tuesday, July 16th. Finally, BMO Capital Markets started coverage on Teck Resources in a research note on Monday, July 15th. They issued an “outperform” rating for the company. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.00.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $44.70 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $22.83 billion, a PE ratio of 19.78 and a beta of 1.01. The firm’s 50 day moving average price is $47.53 and its 200-day moving average price is $47.05. Teck Resources has a twelve month low of $34.38 and a twelve month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.32. The business had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The company’s revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 EPS. Equities research analysts expect that Teck Resources will post 2.01 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TECK. Hexagon Capital Partners LLC boosted its stake in shares of Teck Resources by 143.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 386 shares during the period. Headlands Technologies LLC purchased a new position in shares of Teck Resources during the second quarter valued at approximately $38,000. Creekmur Asset Management LLC bought a new position in shares of Teck Resources during the fourth quarter valued at approximately $35,000. Optiver Holding B.V. raised its holdings in shares of Teck Resources by 81.9% in the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after buying an additional 438 shares during the period. Finally, Blue Trust Inc. lifted its stake in shares of Teck Resources by 583.1% during the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after acquiring an additional 898 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.