UBS Group Upgrades Teck Resources (NYSE:TECK) to Buy

Key Points

• Teck Resources has been upgraded from a "neutral" rating to a "buy" rating by UBS Group, signaling positive expectations from analysts.
• Teck Resources reported $0.27 earnings per share for the last quarter, surpassing the consensus estimate of $0.20, despite a 12.3% year-over-year revenue increase.
• The company's current consensus rating stands at "Moderate Buy" with an average price target of $60.11, reflecting varying outlooks from different brokerages.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK was upgraded by UBS Group from a "neutral" rating to a "buy" rating in a report released on Wednesday, MarketBeat Ratings reports.

A number of other research analysts also recently weighed in on TECK. Wall Street Zen raised shares of Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $41.00 target price (down previously from $46.00) on shares of Teck Resources in a research report on Friday, July 25th. Desjardins downgraded shares of Teck Resources from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Morgan Stanley lowered Teck Resources from an "overweight" rating to an "equal weight" rating and boosted their price target for the stock from $42.00 to $44.00 in a research report on Tuesday, July 15th. Finally, Royal Bank Of Canada lowered their price target on Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a research report on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.88.

Teck Resources Stock Up 4.7%

TECK traded up $1.54 during trading on Wednesday, hitting $34.31. The company had a trading volume of 5,199,901 shares, compared to its average volume of 3,702,271. The company has a market capitalization of $16.48 billion, a PE ratio of 90.29, a PEG ratio of 0.54 and a beta of 0.78. Teck Resources has a one year low of $28.32 and a one year high of $54.13. The firm's 50-day moving average price is $35.13 and its 200 day moving average price is $36.54. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15.

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

Hedge Funds Weigh In On Teck Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TECK. Norges Bank bought a new position in Teck Resources during the second quarter worth $437,657,000. 1832 Asset Management L.P. increased its position in Teck Resources by 1,555.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 5,738,457 shares of the basic materials company's stock worth $231,719,000 after buying an additional 5,391,907 shares during the period. Principal Financial Group Inc. increased its position in Teck Resources by 56.9% during the 1st quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company's stock worth $419,970,000 after buying an additional 4,180,623 shares during the period. Canoe Financial LP bought a new position in Teck Resources during the 2nd quarter worth $97,536,000. Finally, Picton Mahoney Asset Management bought a new position in Teck Resources during the 2nd quarter worth $83,322,000. 78.06% of the stock is owned by institutional investors.

Teck Resources Company Profile

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.