Teck Resources (NYSE:TECK) Upgraded to Buy at Deutsche Bank Aktiengesellschaft

Key Points

• Teck Resources received an upgrade from Deutsche Bank from a "hold" to a "buy" rating, with a price target of $42.00, indicating a potential upside of 22.42% from its previous close.
• Analyst ratings for Teck Resources are mixed, with one strong buy, nine buys, and ten holds, resulting in a consensus rating of "Moderate Buy" and an average target price of $56.88.
• In its last quarterly report, Teck reported earnings of $0.27 per share, exceeding analysts' expectations of $0.20, despite a revenue of $1.49 billion which fell short of the $2.25 billion forecast.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK was upgraded by investment analysts at Deutsche Bank Aktiengesellschaft from a "hold" rating to a "buy" rating in a report issued on Monday,Finviz reports. The brokerage presently has a $42.00 price objective on the basic materials company's stock. Deutsche Bank Aktiengesellschaft's price target would indicate a potential upside of 22.42% from the company's previous close.

A number of other research analysts have also weighed in on TECK. Cibc World Mkts lowered Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Stifel Canada raised Teck Resources to a "hold" rating in a report on Tuesday, July 8th. Morgan Stanley downgraded Teck Resources from an "overweight" rating to an "equal weight" rating and upped their target price for the stock from $42.00 to $44.00 in a research note on Tuesday, July 15th. Wall Street Zen raised Teck Resources from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, CIBC lowered Teck Resources from a "sector outperform" rating to a "neutral" rating in a research report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $56.88.

Teck Resources Price Performance

TECK opened at $34.31 on Monday. The business has a fifty day moving average of $35.13 and a 200 day moving average of $36.50. Teck Resources has a 52-week low of $28.32 and a 52-week high of $54.13. 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 stock has a market cap of $16.48 billion, a P/E ratio of 90.29, a PEG ratio of 0.54 and a beta of 0.78.

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

Hedge Funds Weigh In On Teck Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted its position in shares of Teck Resources by 69.2% in the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock valued at $32,000 after acquiring an additional 350 shares in the last quarter. Costello Asset Management INC purchased a new position in shares of Teck Resources in the first quarter valued at approximately $33,000. Banque Cantonale Vaudoise purchased a new position in shares of Teck Resources in the first quarter valued at approximately $36,000. Golden State Wealth Management LLC lifted its position in shares of Teck Resources by 7,560.0% in the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock valued at $42,000 after acquiring an additional 1,134 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Teck Resources in the second quarter valued at approximately $49,000. Hedge funds and other institutional investors own 78.06% of the company's stock.

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.

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