Citigroup Upgrades Teck Resources (NYSE:TECK) to Hold

Teck Resources (NYSE:TECK) (TSE:TECK) was upgraded by Citigroup to a “hold” rating in a report issued on Wednesday, Zacks.com reports.

TECK has been the subject of several other research reports. StockNews.com lowered shares of Teck Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, September 25th. 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 research report on Friday, June 21st. Paradigm Capital raised shares of Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. Eight Capital downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. Finally, BMO Capital Markets began coverage on shares of Teck Resources in a research report on Monday, July 15th. They issued an “outperform” rating for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $65.00.

Teck Resources Stock Down 2.0 %

Teck Resources stock opened at $51.34 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. Teck Resources has a 52-week low of $34.38 and a 52-week high of $55.13. The firm has a 50 day moving average price of $47.67 and a two-hundred day moving average price of $48.22. The firm has a market cap of $26.23 billion, a price-to-earnings ratio of 22.72 and a beta of 1.02.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.32. The company had revenue of $3.87 billion during the quarter, compared to analyst estimates of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. Teck Resources’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.91 EPS. Equities analysts predict that Teck Resources will post 1.98 EPS for the current year.

Hedge Funds Weigh In On Teck Resources

A number of hedge funds have recently bought and sold shares of TECK. Hexagon Capital Partners LLC raised 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. Creekmur Asset Management LLC bought a new stake in shares of Teck Resources during the 4th quarter worth $35,000. Headlands Technologies LLC bought a new stake in shares of Teck Resources during the 2nd quarter worth $38,000. Blue Trust Inc. raised 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 purchasing an additional 898 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its stake in shares of Teck Resources by 69.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 409 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.