Raymond James Issues Pessimistic Forecast for Teck Resources (NYSE:TECK) Stock Price

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price cut by Raymond James from $75.00 to $70.00 in a research report report published on Wednesday,Benzinga reports. They currently have 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 research analysts have also issued reports on the stock. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Scotiabank boosted their price target on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, October 8th. National Bank Financial downgraded shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. dropped their price target on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. Finally, Citigroup upgraded shares of Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Six analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $65.38.

Teck Resources Trading Up 0.1 %

Teck Resources stock opened at $43.39 on Wednesday. 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 firm has a 50-day moving average price of $43.49 and a two-hundred day moving average price of $46.44. The firm has a market capitalization of $21.64 billion, a price-to-earnings ratio of 65.74 and a beta of 1.05. Teck Resources has a 52-week low of $36.50 and a 52-week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results 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. The firm 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%. Teck Resources’s revenue was down 20.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.57 EPS. Sell-side analysts expect that Teck Resources will post 1.69 earnings per share for the current year.

Teck Resources Cuts Dividend

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

Institutional Investors Weigh In On Teck Resources

Large investors have recently made changes to their positions in the company. Forest Avenue Capital Management LP raised its holdings in shares of Teck Resources by 3.7% during the third quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company’s stock valued at $37,661,000 after acquiring an additional 25,430 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Teck Resources during the third quarter valued at approximately $1,937,000. CIBC Asset Management Inc raised its holdings in shares of Teck Resources by 2.6% during the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock valued at $341,337,000 after acquiring an additional 165,759 shares during the period. Intech Investment Management LLC raised its holdings in shares of Teck Resources by 20.9% during the third quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company’s stock valued at $5,132,000 after acquiring an additional 16,981 shares during the period. Finally, Paloma Partners Management Co acquired a new stake in shares of Teck Resources during the third quarter valued at approximately $20,896,000. 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.