Teck Resources (NYSE:TECK) Downgraded to Hold Rating by Canaccord Genuity Group

Key Points

• Teck Resources has been downgraded from a "buy" rating to a "hold" rating by Canaccord Genuity Group, indicating a shift in analyst sentiment.
• Despite the downgrade, the consensus among analysts remains a "Hold" rating for Teck Resources, with a target price of $53.71.
• Teck Resources reported earnings of $0.27 per share in its latest quarter, exceeding the consensus estimate of $0.20, although revenue of $1.49 billion fell short of estimates of $2.25 billion.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK was downgraded by equities researchers at Canaccord Genuity Group from a "buy" rating to a "hold" rating in a report issued on Wednesday, MarketBeat.com reports.

Several other research firms have also issued reports on TECK. Stifel Canada raised shares of Teck Resources to a "hold" rating in a research report on Tuesday, July 8th. Desjardins lowered Teck Resources from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $41.00 price target (down previously from $46.00) on shares of Teck Resources in a research note on Friday, July 25th. Wall Street Zen raised Teck Resources from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Royal Bank Of Canada decreased their price target on Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a research note on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Teck Resources currently has a consensus rating of "Hold" and a consensus target price of $53.71.

Teck Resources Stock Performance

Shares of NYSE:TECK traded up $0.62 during trading on Wednesday, reaching $43.02. The stock had a trading volume of 9,699,375 shares, compared to its average volume of 5,748,682. Teck Resources has a 52 week low of $28.32 and a 52 week high of $51.58. The stock has a fifty day simple moving average of $36.61 and a two-hundred day simple moving average of $36.61. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $20.67 billion, a price-to-earnings ratio of 29.04, a P/E/G ratio of 0.53 and a beta of 0.92.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.07. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. Teck Resources's quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the company posted $0.79 earnings per share. As a group, analysts anticipate that Teck Resources will post 1.53 earnings per share for the current fiscal year.

Institutional Trading of Teck Resources

A number of institutional investors and hedge funds have recently modified their holdings of TECK. Smartleaf Asset Management LLC boosted its position in shares of Teck Resources by 69.2% during the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock worth $32,000 after purchasing an additional 350 shares in the last quarter. Costello Asset Management INC bought a new stake in shares of Teck Resources in the first quarter worth about $33,000. Banque Cantonale Vaudoise bought a new stake in shares of Teck Resources in the first quarter worth about $36,000. Golden State Wealth Management LLC grew its position in shares of Teck Resources by 7,560.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 1,134 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Teck Resources in the second quarter valued at approximately $49,000. 78.06% of the stock is owned by institutional investors.

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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