Teck Resources (NYSE:TECK) Stock Price Down 6.2%

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) shares were down 6.2% on Friday . The company traded as low as $16.80 and last traded at $16.84, approximately 3,331,616 shares changed hands during mid-day trading. An increase of 22% from the average daily volume of 2,726,794 shares. The stock had previously closed at $17.95.

A number of equities research analysts have recently weighed in on TECK shares. B. Riley restated a “buy” rating on shares of Teck Resources in a report on Friday, July 12th. MKM Partners reaffirmed a “buy” rating and issued a $28.00 target price (up from $26.00) on shares of Teck Resources in a research report on Wednesday, April 24th. Macquarie assumed coverage on shares of Teck Resources in a research report on Wednesday, July 10th. They issued a “neutral” rating on the stock. TD Securities downgraded shares of Teck Resources to a “buy” rating in a research report on Monday, July 22nd. Finally, ValuEngine downgraded shares of Teck Resources from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $29.33.

The company has a quick ratio of 1.58, a current ratio of 2.47 and a debt-to-equity ratio of 0.20. The firm’s 50-day simple moving average is $21.37. The company has a market capitalization of $9.32 billion, a PE ratio of 5.36 and a beta of 1.38.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, July 25th. The basic materials company reported $0.60 EPS for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.04). Teck Resources had a net margin of 20.37% and a return on equity of 8.49%. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period last year, the business earned $1.12 earnings per share. Sell-side analysts anticipate that Teck Resources Ltd will post 2.87 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of TECK. Steward Partners Investment Advisory LLC purchased a new position in Teck Resources during the 2nd quarter worth $32,000. CWM LLC purchased a new position in Teck Resources during the 2nd quarter worth $66,000. Quadrant Capital Group LLC grew its position in Teck Resources by 35.4% during the 1st quarter. Quadrant Capital Group LLC now owns 7,388 shares of the basic materials company’s stock worth $168,000 after purchasing an additional 1,931 shares during the last quarter. Signition LP purchased a new position in Teck Resources during the 2nd quarter worth $210,000. Finally, Signaturefd LLC grew its position in Teck Resources by 13.6% during the 2nd quarter. Signaturefd LLC now owns 10,559 shares of the basic materials company’s stock worth $243,000 after purchasing an additional 1,267 shares during the last quarter. 55.23% of the stock is currently owned by institutional investors.

About Teck Resources (NYSE:TECK)

Teck Resources Limited researches, explores for, develops, and produces natural resources in the Asia Pacific, the Americas, and Europe. It operates through five segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate. The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.

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