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 report released on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the basic materials company’s stock.

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

Teck Resources Stock Performance

Shares of TECK opened at $42.90 on Wednesday. The company has a market capitalization of $21.40 billion, a price-to-earnings ratio of 65.00 and a beta of 1.05. Teck Resources has a 52-week low of $36.50 and a 52-week 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 50 day moving average price of $43.56 and a 200 day moving average price of $46.50.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, October 24th. The basic materials company reported $0.60 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 for the quarter, compared to the consensus estimate of $2.09 billion. During the same period last year, the firm posted $0.57 EPS. The company’s revenue was down 20.6% on a year-over-year basis. Research analysts predict that Teck Resources will post 1.69 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid a dividend of $0.0895 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend was Friday, December 13th. Teck Resources’s dividend payout ratio (DPR) is 53.03%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TECK. Union Bancaire Privee UBP SA acquired a new stake in Teck Resources in the fourth quarter valued at $214,000. Blue Trust Inc. lifted its stake in shares of Teck Resources by 31.5% in the fourth quarter. Blue Trust Inc. now owns 3,848 shares of the basic materials company’s stock valued at $156,000 after purchasing an additional 921 shares during the period. Drive Wealth Management LLC purchased a new stake in Teck Resources during the fourth quarter worth about $272,000. Affinity Wealth Management LLC grew its position in Teck Resources by 2.1% during the fourth quarter. Affinity Wealth Management LLC now owns 107,022 shares of the basic materials company’s stock worth $4,338,000 after buying an additional 2,241 shares during the period. Finally, Exchange Traded Concepts LLC increased its holdings in Teck Resources by 7.2% in the fourth quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company’s stock valued at $198,000 after buying an additional 327 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.