Teck Resources (NYSE:TECK) Downgraded by CIBC to Neutral

Key Points

• Teck Resources has been downgraded by CIBC from a "sector outperform" to a "neutral" rating, affecting its market perception among investors.
• Other brokerages, including Wall Street Zen, have also adjusted their ratings on Teck, with most analysts giving a consensus rating of "Hold" and a price target of $60.13.
• Despite recent earnings showing a net margin of 3.48% and revenue growth of 41.4% year-over-year, the company faces mixed sentiment from analysts regarding its stock performance.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK was downgraded by equities researchers at CIBC from a "sector outperform" rating to a "neutral" rating in a report released on Friday,Finviz reports.

A number of other brokerages have also commented on TECK. Wall Street Zen lowered shares of Teck Resources from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. National Bankshares raised shares of Teck Resources from a "sector perform" rating to an "outperform" rating in a research report on Thursday, April 24th. UBS Group reaffirmed a "neutral" rating on shares of Teck Resources in a research report on Tuesday, April 15th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $41.00 price objective (down previously from $46.00) on shares of Teck Resources in a research report on Friday. Finally, Stifel Canada raised shares of Teck Resources to a "hold" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $60.13.

Teck Resources Price Performance

NYSE TECK opened at $34.18 on Friday. The stock has a market capitalization of $16.51 billion, a P/E ratio of 59.14, a P/E/G ratio of 0.62 and a beta of 0.80. Teck Resources has a 1 year low of $28.32 and a 1 year high of $54.13. The business's fifty day moving average is $38.23 and its two-hundred day moving average is $38.63. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.36.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.18. Teck Resources had a net margin of 3.48% and a return on equity of 4.53%. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the business earned $0.75 EPS. The company's revenue was up 41.4% on a year-over-year basis. On average, research analysts forecast that Teck Resources will post 1.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC increased its holdings in shares of Teck Resources by 2.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 13,959 shares of the basic materials company's stock worth $566,000 after buying an additional 302 shares in the last quarter. Sei Investments Co. grew its stake in shares of Teck Resources by 6.9% during the fourth quarter. Sei Investments Co. now owns 165,150 shares of the basic materials company's stock valued at $6,693,000 after purchasing an additional 10,699 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Teck Resources during the fourth quarter valued at approximately $251,000. LPL Financial LLC grew its stake in shares of Teck Resources by 5.1% during the fourth quarter. LPL Financial LLC now owns 152,327 shares of the basic materials company's stock valued at $6,174,000 after purchasing an additional 7,400 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Teck Resources by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 19,316,132 shares of the basic materials company's stock valued at $783,153,000 after acquiring an additional 58,985 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.

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