Raymond James Has Lowered Expectations for Teck Resources (NYSE:TECK) Stock Price

Teck Resources (NYSE:TECK) (TSE:TECK) had its price objective decreased by Raymond James from $75.00 to $70.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. Raymond James’ price target would suggest a potential upside of 61.48% from the company’s previous close.

Other research analysts also recently issued reports about the stock. National Bank Financial downgraded shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. UBS Group cut Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Scotiabank upped their price objective on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Citigroup upgraded Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Six investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.38.

Teck Resources Stock Up 1.0 %

Shares of NYSE TECK opened at $43.35 on Wednesday. The business has a 50-day moving average price of $43.56 and a 200 day moving average price of $46.50. The stock has a market cap of $21.62 billion, a PE ratio of 65.68 and a beta of 1.05. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. Teck Resources has a 52-week low of $36.50 and a 52-week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same period last year, the firm posted $0.57 earnings per share. The company’s revenue for the quarter was down 20.6% compared to the same quarter last year. Equities research analysts forecast that Teck Resources will post 1.69 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TECK. Global Trust Asset Management LLC purchased a new position in Teck Resources in the 4th quarter valued at approximately $27,000. Eastern Bank purchased a new position in shares of Teck Resources in the third quarter valued at $39,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Teck Resources during the 3rd quarter worth $40,000. Bruce G. Allen Investments LLC boosted its position in shares of Teck Resources by 77.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after buying an additional 383 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in Teck Resources by 69.7% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 409 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other 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.