Teck Resources Ltd. (TCK) Cut to “Hold” at Zacks Investment Research
Teck Resources Ltd. (NYSE:TCK) (TSE:TCK.B) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Teck Resources Limited is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. It is a world leader in the production of copper, metallurgical coal and zinc, a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets. Headquartered in Vancouver, Canada, the company has expertise across the full range of activities related to mining, including exploration, development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. The Company is actively exploring in countries throughout the Americas, Asia Pacific, Europe and Africa. Teck Resources Limited, formerly Teck Cominco Limited, is headquartered in Vancouver, Canada. “
A number of other brokerages have also recently weighed in on TCK. Credit Suisse Group AG upgraded Teck Resources from a “neutral” rating to an “outperform” rating in a research report on Monday, October 17th. Raymond James Financial Inc. restated a “market perform” rating and issued a $21.00 price target (up previously from $19.00) on shares of Teck Resources in a research report on Thursday, August 25th. Sanford C. Bernstein restated a “sell” rating and issued a $10.00 price target on shares of Teck Resources in a research report on Friday, August 19th. Goldman Sachs Group Inc. upgraded Teck Resources from a “neutral” rating to a “buy” rating and set a $31.00 price target for the company in a research report on Tuesday, November 15th. Finally, Royal Bank Of Canada cut Teck Resources from an “outperform” rating to a “sector perform” rating and raised their price target for the company from $16.00 to $23.00 in a research report on Friday, August 12th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $22.13.
Shares of Teck Resources (NYSE:TCK) opened at 25.20 on Wednesday. The stock’s market capitalization is $14.53 billion. Teck Resources has a 52 week low of $2.56 and a 52 week high of $26.60. The firm’s 50-day moving average is $21.65 and its 200-day moving average is $16.22.
Teck Resources (NYSE:TCK) last announced its quarterly earnings results on Thursday, October 27th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.08. Teck Resources had a positive return on equity of 1.13% and a negative net margin of 1.42%. The business earned $2.31 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the business posted $0.05 earnings per share. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, equities research analysts anticipate that Teck Resources will post $1.09 EPS for the current fiscal year.
The company also recently disclosed a semiannual dividend, which will be paid on Friday, December 30th. Stockholders of record on Thursday, December 15th will be paid a $0.037 dividend. This represents a dividend yield of 0.29%. The ex-dividend date of this dividend is Tuesday, December 13th. Teck Resources’s dividend payout ratio is currently -53.33%.
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Institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its position in Teck Resources by 7.3% in the third quarter. PNC Financial Services Group Inc. now owns 7,343 shares of the company’s stock valued at $134,000 after buying an additional 500 shares in the last quarter. Advisor Group Inc. purchased a new position in Teck Resources during the second quarter valued at $105,000. Fox Run Management L.L.C. purchased a new position in Teck Resources during the third quarter valued at $191,000. Macquarie Group Ltd. purchased a new position in Teck Resources during the second quarter valued at $150,000. Finally, BARING ASSET MANAGEMENT Ltd purchased a new position in Teck Resources during the third quarter valued at $283,000. 45.72% of the stock is currently owned by institutional investors and hedge funds.
About Teck Resources
Teck Resources Limited is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company operates through five segments: steelmaking coal, copper, zinc, energy and corporate. Through its interests in mining and processing operations in Canada, the United States, Chile and Peru, the Company exports seaborne steelmaking coal and produces mined zinc.
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