Teck Resources (NYSE:TECK) Rating Lowered to Underperform at Bank of America

Bank of America cut shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a buy rating to an underperform rating in a report released on Wednesday morning, Briefing.com Automated Import reports.

Other research analysts also recently issued research reports about the stock. Clarkson Capital reaffirmed a neutral rating on shares of Teck Resources in a research report on Monday, September 23rd. TD Securities downgraded shares of Teck Resources to a buy rating in a research report on Monday, July 22nd. Barclays set a $33.00 price objective on shares of Teck Resources and gave the stock a buy rating in a research report on Tuesday, October 15th. Royal Bank of Canada downgraded shares of Teck Resources to a buy rating and set a $35.00 price objective on the stock. in a research report on Friday, October 25th. Finally, Morgan Stanley reaffirmed an overweight rating and issued a $21.50 price objective on shares of Teck Resources in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company. Teck Resources has a consensus rating of Buy and an average target price of $30.50.

Shares of Teck Resources stock traded up $0.52 on Wednesday, reaching $16.39. The stock had a trading volume of 2,391,383 shares, compared to its average volume of 3,294,834. The company has a 50 day moving average price of $16.29 and a 200 day moving average price of $19.16. The company has a quick ratio of 1.28, a current ratio of 2.08 and a debt-to-equity ratio of 0.20. Teck Resources has a 1 year low of $14.51 and a 1 year high of $25.75. The stock has a market capitalization of $8.67 billion, a P/E ratio of 5.22 and a beta of 1.45.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.11. Teck Resources had a net margin of 13.28% and a return on equity of 8.07%. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the previous year, the firm earned $0.80 EPS. On average, analysts forecast that Teck Resources will post 2.33 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.038 per share. This represents a $0.15 annualized dividend and a yield of 0.93%. The ex-dividend date is Thursday, December 12th. This is an increase from Teck Resources’s previous quarterly dividend of $0.04. Teck Resources’s payout ratio is currently 4.78%.

A number of large investors have recently added to or reduced their stakes in TECK. Steward Partners Investment Advisory LLC purchased a new stake in shares of Teck Resources in the 2nd quarter valued at $32,000. Kempen Capital Management N.V. acquired a new position in shares of Teck Resources in the 2nd quarter valued at $53,000. CWM LLC acquired a new position in shares of Teck Resources in the 2nd quarter valued at $66,000. Glen Harbor Capital Management LLC lifted its stake in shares of Teck Resources by 18.0% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 5,192 shares of the basic materials company’s stock valued at $115,000 after purchasing an additional 792 shares during the period. Finally, Riverhead Capital Management LLC lifted its stake in shares of Teck Resources by 19.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,988 shares of the basic materials company’s stock valued at $133,000 after purchasing an additional 988 shares during the period. 55.43% of the stock is currently owned by institutional investors.

About Teck Resources

Teck Resources Limited researches, explores for, develops, and produces natural resources in the Asia Pacific, the Americas, and Europe. It operates through five segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate. The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.

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