Teck Resources (NYSE:TECK) Rating Lowered to “Neutral” at UBS Group

Teck Resources (NYSE:TECK) (TSE:TECK) was downgraded by research analysts at UBS Group from a “buy” rating to a “neutral” rating in a report released on Monday, MarketBeat Ratings reports.

A number of other equities analysts have also weighed in on the company. BMO Capital Markets began coverage on Teck Resources in a research note on Monday, July 15th. They issued an “outperform” rating for the company. TD Securities upgraded Teck Resources to a “strong-buy” rating in a research note on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a research report on Friday, October 25th. JPMorgan Chase & Co. dropped their target price on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, Benchmark reiterated a “buy” rating and issued a $55.00 price target on shares of Teck Resources in a report on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Price Performance

NYSE TECK opened at $46.44 on Monday. The stock has a market cap of $23.50 billion, a price-to-earnings ratio of 70.36 and a beta of 1.04. Teck Resources has a 12 month low of $34.56 and a 12 month high of $55.13. The company’s 50 day moving average is $48.69 and its two-hundred day moving average is $48.75. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.36 by $0.24. The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.09 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The company’s revenue was down 20.6% on a year-over-year basis. During the same period last year, the firm earned $0.57 EPS. As a group, research analysts anticipate that Teck Resources will post 1.91 earnings per share for the current year.

Hedge Funds Weigh In On Teck Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Cerity Partners LLC grew its position in Teck Resources by 374.7% in the third quarter. Cerity Partners LLC now owns 39,625 shares of the basic materials company’s stock worth $2,070,000 after acquiring an additional 31,278 shares in the last quarter. Camden National Bank bought a new stake in Teck Resources in the third quarter worth $251,000. Charles Schwab Investment Management Inc. boosted its stake in Teck Resources by 14.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,394,120 shares of the basic materials company’s stock worth $72,893,000 after buying an additional 173,130 shares during the period. Intech Investment Management LLC increased its position in Teck Resources by 20.9% during the third quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company’s stock valued at $5,132,000 after acquiring an additional 16,981 shares during the last quarter. Finally, Premier Fund Managers Ltd raised its stake in shares of Teck Resources by 4.8% in the third quarter. Premier Fund Managers Ltd now owns 109,000 shares of the basic materials company’s stock valued at $5,716,000 after acquiring an additional 5,000 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Company Profile

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.