Teck Resources (NYSE:TECK) Given New $70.00 Price Target at Raymond James

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price decreased by investment analysts at Raymond James from $75.00 to $70.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the basic materials company’s stock. Raymond James’ price target suggests a potential upside of 60.33% from the stock’s current price.

A number of other research analysts have also recently weighed in on TECK. JPMorgan Chase & Co. lowered their target price on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Citigroup raised shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. National Bank Financial lowered Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Scotiabank increased their price target on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a report on Tuesday, October 8th. Finally, UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.38.

Teck Resources Stock Down 0.2 %

Shares of TECK stock traded down $0.08 during trading hours on Wednesday, hitting $43.66. 959,085 shares of the company’s stock traded hands, compared to its average volume of 2,615,692. Teck Resources has a 12-month low of $36.50 and a 12-month high of $55.13. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The stock has a market cap of $21.78 billion, a price-to-earnings ratio of 66.17 and a beta of 1.05. The stock’s fifty day simple moving average is $43.60 and its two-hundred day simple moving average is $46.52.

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

Hedge Funds Weigh In On Teck Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Daymark Wealth Partners LLC boosted its holdings in shares of Teck Resources by 2.8% in the third quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock valued at $458,000 after acquiring an additional 242 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in Teck Resources by 7.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company’s stock worth $198,000 after acquiring an additional 327 shares in the last quarter. Evergreen Capital Management LLC grew its position in Teck Resources by 7.8% during the second quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock valued at $243,000 after purchasing an additional 365 shares in the last quarter. Bruce G. Allen Investments LLC increased its stake in shares of Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after acquiring an additional 383 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in shares of Teck Resources by 69.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after buying an additional 409 shares during the last quarter. 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.