Raymond James Cuts Teck Resources (NYSE:TECK) Price Target to $70.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price objective lowered by Raymond James from $75.00 to $70.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the basic materials company’s stock. Raymond James also issued estimates for Teck Resources’ Q4 2024 earnings at $0.30 EPS, Q1 2025 earnings at $0.32 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.44 EPS, Q4 2025 earnings at $0.42 EPS and FY2025 earnings at $1.56 EPS.

A number of other equities analysts have also weighed in on the stock. UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. National Bank Financial downgraded shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Citigroup raised shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research note on Friday, October 25th. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $65.38.

Teck Resources Stock Up 0.1 %

TECK stock opened at $43.39 on Wednesday. The company’s 50 day simple moving average is $43.49 and its 200-day simple moving average is $46.44. The firm has a market capitalization of $21.64 billion, a PE ratio of 65.74 and a beta of 1.05. Teck Resources has a 12 month low of $36.50 and a 12 month high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. The company had revenue of $2.86 billion for 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%. Teck Resources’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same quarter last year, the business earned $0.57 EPS. Equities analysts expect that Teck Resources will post 1.69 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Sei Investments Co. boosted its holdings in shares of Teck Resources by 25.0% in the 2nd quarter. Sei Investments Co. now owns 168,226 shares of the basic materials company’s stock valued at $8,058,000 after buying an additional 33,664 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Teck Resources by 40.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,258 shares of the basic materials company’s stock valued at $160,000 after buying an additional 936 shares during the period. Evergreen Capital Management LLC boosted its holdings in shares of Teck Resources by 7.8% in the 2nd quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock valued at $243,000 after buying an additional 365 shares during the period. Interval Partners LP acquired a new position in shares of Teck Resources in the 2nd quarter valued at about $908,000. Finally, Insigneo Advisory Services LLC acquired a new position in shares of Teck Resources in the 2nd quarter valued at about $240,000. 78.06% of the stock is 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.