Teck Resources (NYSE:TECK) Raised to “Strong-Buy” at Zacks Research

Teck Resources (NYSE:TECK) (TSE:TECK) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Truist Financial set a $67.00 price target on Teck Resources in a research note on Monday, February 23rd. UBS Group restated a “buy” rating on shares of Teck Resources in a report on Tuesday, January 27th. Veritas raised shares of Teck Resources from a “strong sell” rating to a “strong-buy” rating in a research report on Thursday, January 15th. JPMorgan Chase & Co. lifted their price target on shares of Teck Resources from $43.00 to $51.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. Finally, National Bank Financial downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.00.

Teck Resources Stock Up 0.6%

TECK stock opened at $48.50 on Monday. The firm has a market cap of $23.35 billion, a PE ratio of 24.01, a PEG ratio of 2.94 and a beta of 0.77. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.54. The firm’s 50 day moving average price is $54.57 and its 200-day moving average price is $47.33. Teck Resources has a one year low of $28.32 and a one year high of $62.41.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.39. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.28 billion. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 earnings per share. On average, equities research analysts anticipate that Teck Resources will post 1.53 EPS for the current year.

Hedge Funds Weigh In On Teck Resources

Several institutional investors have recently bought and sold shares of TECK. Norges Bank purchased a new position in shares of Teck Resources in the second quarter valued at approximately $437,657,000. 1832 Asset Management L.P. increased its stake in Teck Resources by 1,555.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 5,738,457 shares of the basic materials company’s stock worth $231,719,000 after buying an additional 5,391,907 shares during the period. Principal Financial Group Inc. increased its stake in Teck Resources by 36.1% during the 3rd quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock worth $740,604,000 after buying an additional 4,474,637 shares during the period. Wellington Management Group LLP lifted its holdings in Teck Resources by 264.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock worth $253,695,000 after buying an additional 4,194,868 shares in the last quarter. Finally, Pentwater Capital Management LP lifted its holdings in Teck Resources by 124.1% during the 4th quarter. Pentwater Capital Management LP now owns 6,500,000 shares of the basic materials company’s stock worth $311,285,000 after buying an additional 3,600,000 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.