Teck Resources (NYSE:TECK) Price Target Cut to $70.00 by Analysts at Raymond James

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price lowered by Raymond James from $75.00 to $70.00 in a report issued on Wednesday morning,Benzinga reports. Raymond James currently has an outperform rating on the basic materials company’s stock.

A number of other brokerages also recently issued reports on TECK. UBS Group downgraded shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Citigroup upgraded Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a report on Friday, October 25th. Finally, Scotiabank increased their target price on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, October 8th. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $65.38.

Teck Resources Stock Down 1.9 %

Shares of NYSE:TECK opened at $42.90 on Wednesday. Teck Resources has a 52-week low of $36.50 and a 52-week high of $55.13. The stock has a market cap of $21.40 billion, a P/E ratio of 65.00 and a beta of 1.05. The business has a fifty day moving average of $43.56 and a two-hundred day moving average of $46.50. 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 (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Teck Resources’s quarterly revenue was down 20.6% on a year-over-year basis. On average, research analysts expect that Teck Resources will post 1.69 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were given a $0.0895 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.36 annualized dividend and a yield of 0.83%. Teck Resources’s dividend payout ratio is presently 53.03%.

Institutional Trading of Teck Resources

A number of large investors have recently modified their holdings of TECK. Sei Investments Co. grew its stake in Teck Resources by 25.0% during the 2nd quarter. Sei Investments Co. now owns 168,226 shares of the basic materials company’s stock worth $8,058,000 after purchasing an additional 33,664 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Teck Resources by 40.3% during the second quarter. EverSource Wealth Advisors LLC now owns 3,258 shares of the basic materials company’s stock worth $160,000 after buying an additional 936 shares in the last quarter. Evergreen Capital Management LLC increased its stake in shares of 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 worth $243,000 after buying an additional 365 shares during the period. Interval Partners LP acquired a new stake in Teck Resources in the second quarter valued at approximately $908,000. Finally, Insigneo Advisory Services LLC purchased a new position in Teck Resources in the second quarter worth approximately $240,000. 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.