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

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price reduced by analysts at Raymond James from $75.00 to $70.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. Raymond James’ target price indicates a potential upside of 61.48% from the stock’s current price.

A number of other research analysts have also recently commented on TECK. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft downgraded shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a report on Friday, October 25th. National Bank Financial cut Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. UBS Group cut Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. decreased their target price on Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Six analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Teck Resources has a consensus rating of “Moderate Buy” and an average price target of $65.38.

Teck Resources Stock Performance

Teck Resources stock opened at $43.35 on Wednesday. The stock has a market cap of $21.62 billion, a price-to-earnings ratio of 65.68 and a beta of 1.05. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The firm has a 50 day simple moving average of $43.56 and a 200-day simple moving average of $46.50. Teck Resources has a 1-year low of $36.50 and a 1-year high of $55.13.

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

Institutional Investors Weigh In On Teck Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Forest Avenue Capital Management LP increased its holdings in Teck Resources by 3.7% in the third quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company’s stock valued at $37,661,000 after buying an additional 25,430 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Teck Resources in the 3rd quarter valued at about $1,937,000. CIBC Asset Management Inc raised its position in shares of Teck Resources by 2.6% during the 3rd quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock worth $341,337,000 after acquiring an additional 165,759 shares in the last quarter. Intech Investment Management LLC lifted its stake in Teck Resources by 20.9% during the third quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company’s stock worth $5,132,000 after purchasing an additional 16,981 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new position in Teck Resources in the third quarter valued at approximately $20,896,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.