Teck Resources (NYSE:TECK) Price Target Cut to C$56.00

Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) had its price target lowered by stock analysts at Raymond James from C$60.00 to C$56.00 in a report released on Thursday, The Fly reports.

TECK has been the topic of a number of other research reports. StockNews.com initiated coverage on shares of Teck Resources in a report on Thursday, March 31st. They issued a “buy” rating on the stock. Barclays cut their target price on shares of Teck Resources from C$50.00 to C$42.00 in a research note on Tuesday, July 19th. BMO Capital Markets decreased their price target on shares of Teck Resources from C$67.00 to C$61.00 in a research report on Friday, July 8th. TD Securities reduced their price objective on Teck Resources from C$57.00 to C$55.00 in a research note on Thursday. Finally, B. Riley raised their target price on Teck Resources from C$57.00 to C$58.00 in a report on Thursday, April 28th. Two analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.03.

Teck Resources Stock Performance

Teck Resources stock traded up $0.03 during mid-day trading on Thursday, reaching $27.24. 184,996 shares of the company were exchanged, compared to its average volume of 5,783,161. Teck Resources has a twelve month low of $19.32 and a twelve month high of $45.90. The firm has a market cap of $14.21 billion, a PE ratio of 4.52, a price-to-earnings-growth ratio of 1.83 and a beta of 1.25. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.34 and a current ratio of 1.92. The firm’s 50-day simple moving average is $34.75 and its two-hundred day simple moving average is $36.57.

Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last issued its earnings results on Wednesday, July 27th. The basic materials company reported $3.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $1.24. The company had revenue of $5.79 billion during the quarter, compared to analysts’ expectations of $5.59 billion. Teck Resources had a net margin of 25.82% and a return on equity of 18.76%. The firm’s quarterly revenue was up 126.2% compared to the same quarter last year. During the same period last year, the company posted $0.51 earnings per share. Equities analysts predict that Teck Resources will post 7.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Teck Resources

Several large investors have recently added to or reduced their stakes in TECK. Achmea Investment Management B.V. acquired a new position in shares of Teck Resources during the first quarter valued at $37,000. Optimum Investment Advisors acquired a new position in Teck Resources during the 1st quarter valued at about $40,000. Kistler Tiffany Companies LLC grew its position in Teck Resources by 95.9% in the 1st quarter. Kistler Tiffany Companies LLC now owns 1,056 shares of the basic materials company’s stock worth $43,000 after purchasing an additional 517 shares during the last quarter. DeDora Capital Inc. bought a new position in Teck Resources in the 1st quarter worth about $45,000. Finally, Cornerstone Advisory LLC acquired a new stake in shares of Teck Resources in the fourth quarter valued at approximately $46,000. 55.81% of the stock is owned by institutional investors and hedge funds.

Teck Resources Company Profile

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Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, Energy, and Corporate segments. The company's principal products include steelmaking coal; copper, gold, blended bitumen, lead, silver, molybdenum, zinc, and zinc concentrates; chemicals, fertilizers, and other metals.