Teck Resources (NYSE:TECK) Cut to Sector Perform at National Bank Financial

Teck Resources (NYSE:TECK) (TSE:TECK) was downgraded by analysts at National Bank Financial from an “outperform” rating to a “sector perform” rating in a report released on Tuesday,Finviz reports.

Other equities research analysts have also issued reports about the company. Scotiabank raised their price objective on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. Citigroup raised Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research note on Friday, October 25th. Finally, JPMorgan Chase & Co. decreased their price target on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $65.29.

Teck Resources Price Performance

Shares of Teck Resources stock opened at $46.79 on Tuesday. The stock has a 50 day moving average of $48.10 and a 200 day moving average of $48.10. Teck Resources has a 12 month low of $36.50 and a 12 month high of $55.13. The firm has a market cap of $23.97 billion, a PE ratio of 70.89 and a beta of 1.03. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly 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 return on equity of 6.37% and a net margin of 3.32%. The company had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same period in the prior year, the company earned $0.57 earnings per share. The firm’s revenue was down 20.6% on a year-over-year basis. On average, research analysts expect that Teck Resources will post 1.82 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TECK. Eastern Bank purchased a new position in shares of Teck Resources in the 3rd quarter valued at $39,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Teck Resources in the 3rd quarter worth $40,000. Headlands Technologies LLC acquired a new stake in shares of Teck Resources in the 2nd quarter worth $38,000. Bruce G. Allen Investments LLC boosted its position in shares of Teck Resources by 77.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 383 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its position in shares of Teck Resources by 69.7% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 409 shares in the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

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.