Teck Resources Ltd (TECK) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) from a buy rating to a hold rating in a research report released on Tuesday.
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. “
Several other equities research analysts also recently issued reports on TECK. Raymond James Financial, Inc. reissued an outperform rating on shares of Teck Resources in a research report on Tuesday, August 15th. MKM Partners reissued a buy rating and set a $28.00 price objective (up previously from $25.00) on shares of Teck Resources in a research report on Thursday, August 24th. ValuEngine downgraded shares of Teck Resources from a strong-buy rating to a buy rating in a research report on Wednesday, September 6th. BidaskClub downgraded shares of Teck Resources from a strong-buy rating to a buy rating in a research report on Friday, September 15th. Finally, Axiom Securities started coverage on shares of Teck Resources in a research report on Monday, September 18th. They set a sell rating and a $16.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $31.13.
Shares of Teck Resources (NYSE:TECK) traded down $0.64 during mid-day trading on Tuesday, hitting $21.20. 3,557,500 shares of the stock traded hands, compared to its average volume of 5,129,211. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.42. Teck Resources has a 52 week low of $14.56 and a 52 week high of $33.76. The company has a market capitalization of $12,459.72, a P/E ratio of 5.93, a price-to-earnings-growth ratio of 0.83 and a beta of 1.26.
Institutional investors and hedge funds have recently made changes to their positions in the company. Capital Analysts LLC bought a new position in shares of Teck Resources in the 2nd quarter valued at about $100,000. Winslow Evans & Crocker Inc. bought a new position in shares of Teck Resources in the 2nd quarter valued at about $108,000. Financial Architects Inc bought a new position in shares of Teck Resources in the 2nd quarter valued at about $123,000. PNC Financial Services Group Inc. bought a new position in shares of Teck Resources in the 2nd quarter valued at about $124,000. Finally, Tower Research Capital LLC TRC bought a new position in shares of Teck Resources in the 2nd quarter valued at about $164,000. 45.80% of the stock is owned by institutional investors.
About Teck Resources
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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