Teck Resources (NYSE:TECK) Rating Lowered to “Hold” at Veritas

Teck Resources (NYSE:TECK) (TSE:TECK) was downgraded by Veritas from a “strong-buy” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Benchmark boosted their price objective on Teck Resources from $48.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, February 23rd. Wall Street Zen raised Teck Resources to a “buy” rating in a research report on Saturday, May 16th. Scotiabank reissued a “sector perform” rating on shares of Teck Resources in a research report on Tuesday, April 14th. Zacks Research cut Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 22nd. Finally, Truist Financial set a $67.00 price objective on Teck Resources in a research report on Monday, February 23rd. Five investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $59.17.

Teck Resources Stock Down 8.4%

Shares of NYSE:TECK opened at $61.60 on Thursday. The stock has a market cap of $29.70 billion, a price-to-earnings ratio of 22.56, a PEG ratio of 4.93 and a beta of 0.89. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13. Teck Resources has a 12-month low of $30.98 and a 12-month high of $71.25. The business’s 50 day moving average is $59.70 and its 200 day moving average is $53.54.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TECK. AQR Capital Management LLC lifted its position in shares of Teck Resources by 11.1% during the 1st quarter. AQR Capital Management LLC now owns 34,705 shares of the basic materials company’s stock valued at $1,264,000 after buying an additional 3,458 shares during the last quarter. Jones Financial Companies Lllp lifted its position in shares of Teck Resources by 453.0% during the 1st quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company’s stock valued at $354,000 after buying an additional 7,963 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Teck Resources by 1.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 465,861 shares of the basic materials company’s stock valued at $16,971,000 after buying an additional 8,146 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Teck Resources by 189.3% during the 2nd quarter. Marshall Wace LLP now owns 218,242 shares of the basic materials company’s stock valued at $8,813,000 after buying an additional 142,816 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of Teck Resources by 4,602.9% during the 2nd quarter. NewEdge Advisors LLC now owns 8,183 shares of the basic materials company’s stock valued at $330,000 after buying an additional 8,009 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

About Teck Resources

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.