Wall Street Zen Upgrades Teck Resources (NYSE:TECK) to Strong-Buy

Teck Resources (NYSE:TECK) (TSE:TECK) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

A number of other equities research analysts have also commented on the company. Weiss Ratings upgraded Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, April 24th. Veritas cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a report on Monday, June 15th. JPMorgan Chase & Co. cut their price objective on shares of Teck Resources from $48.00 to $46.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Finally, Zacks Research cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 22nd. Five research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $63.00.

Teck Resources Stock Down 1.3%

Teck Resources stock opened at $55.05 on Friday. Teck Resources has a fifty-two week low of $30.98 and a fifty-two week high of $71.25. The company has a market cap of $26.58 billion, a PE ratio of 20.17, a PEG ratio of 1.65 and a beta of 0.92. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.16 and a current ratio of 2.83. The business’s 50-day simple moving average is $62.18 and its two-hundred day simple moving average is $57.14.

Institutional Trading of Teck Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. 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 in the last quarter. Jones Financial Companies Lllp grew its stake in Teck Resources by 453.0% in the 1st quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company’s stock valued at $354,000 after acquiring an additional 7,963 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Teck Resources by 1.8% in 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 worth $16,971,000 after acquiring an additional 8,146 shares in the last quarter. Marshall Wace LLP increased its holdings in Teck Resources by 189.3% in the 2nd quarter. Marshall Wace LLP now owns 218,242 shares of the basic materials company’s stock worth $8,813,000 after acquiring an additional 142,816 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Teck Resources by 4,602.9% in the 2nd quarter. NewEdge Advisors LLC now owns 8,183 shares of the basic materials company’s stock worth $330,000 after acquiring an additional 8,009 shares in the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

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.