Teck Resources (NYSE:TECK) Downgraded to Strong Sell at ValuEngine

Teck Resources (NYSE:TECK) (TSE:TECK) was downgraded by research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research note issued on Wednesday, ValuEngine reports.

A number of other brokerages have also recently commented on TECK. B. Riley restated a “buy” rating on shares of Teck Resources in a report on Friday, July 12th. Macquarie started coverage on Teck Resources in a report on Wednesday, July 10th. They set a “neutral” rating for the company. MKM Partners restated a “buy” rating and set a $28.00 target price (up from $26.00) on shares of Teck Resources in a report on Wednesday, April 24th. Zacks Investment Research cut Teck Resources from a “buy” rating to a “hold” rating in a report on Saturday, July 13th. Finally, TD Securities cut Teck Resources to a “buy” rating in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $29.33.

Teck Resources stock traded down $0.11 during midday trading on Wednesday, reaching $16.39. 1,820,282 shares of the stock traded hands, compared to its average volume of 2,716,319. The company has a 50-day simple moving average of $19.91 and a two-hundred day simple moving average of $21.83. Teck Resources has a 12-month low of $16.36 and a 12-month high of $25.82. The firm has a market cap of $9.18 billion, a PE ratio of 5.22 and a beta of 1.38. The company has a current ratio of 2.47, a quick ratio of 1.58 and a debt-to-equity ratio of 0.20.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, July 25th. The basic materials company reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.04). Teck Resources had a net margin of 20.37% and a return on equity of 8.49%. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter last year, the business earned $1.12 earnings per share. Equities research analysts anticipate that Teck Resources will post 2.83 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of TECK. Maverick Capital Ltd. boosted its stake in shares of Teck Resources by 5.1% in the second quarter. Maverick Capital Ltd. now owns 257,990 shares of the basic materials company’s stock valued at $5,949,000 after buying an additional 12,550 shares in the last quarter. Verition Fund Management LLC boosted its position in Teck Resources by 5.7% during the second quarter. Verition Fund Management LLC now owns 26,419 shares of the basic materials company’s stock worth $609,000 after purchasing an additional 1,419 shares in the last quarter. Eaton Vance Management boosted its position in Teck Resources by 42.6% during the second quarter. Eaton Vance Management now owns 71,923 shares of the basic materials company’s stock worth $1,659,000 after purchasing an additional 21,500 shares in the last quarter. Amundi Pioneer Asset Management Inc. boosted its position in Teck Resources by 105.8% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 742,784 shares of the basic materials company’s stock worth $17,129,000 after purchasing an additional 381,908 shares in the last quarter. Finally, MidWestOne Financial Group Inc. purchased a new stake in Teck Resources during the second quarter worth $547,000. 53.53% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Company Profile

Teck Resources Limited researches, explores for, develops, and produces natural resources in the Asia Pacific, the Americas, and Europe. It operates through five segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate. The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.

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Analyst Recommendations for Teck Resources (NYSE:TECK)

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