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Royal Bank Of Canada Has Lowered Expectations for Teck Resources (NYSE:TECK) Stock Price

Teck Resources logo with Basic Materials background

Key Points

  • Royal Bank of Canada has lowered its target price for Teck Resources from $82.00 to $67.00, indicating a potential upside of 99.07% based on the current stock price.
  • As of the latest reports, Teck Resources has received a consensus rating of "Hold" with 1 sell rating, 10 hold ratings, 7 buy ratings, and 1 strong buy rating.
  • The stock was trading at $33.66, with a one-year low of $28.32 and a high of $54.13, and shows a market cap of $16.26 billion.
  • Teck Resources reported $1.60 billion in revenue during its last quarter, which was below analysts' expectations of $2.19 billion.
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Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK had its target price lowered by analysts at Royal Bank Of Canada from $82.00 to $67.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the basic materials company's stock. Royal Bank Of Canada's target price would indicate a potential upside of 99.07% from the stock's current price.

A number of other equities analysts have also weighed in on the company. Wall Street Zen lowered Teck Resources from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. National Bank Financial upgraded Teck Resources from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 24th. BMO Capital Markets initiated coverage on Teck Resources in a research note on Wednesday, April 16th. They set an "outperform" rating for the company. National Bankshares raised Teck Resources from a "sector perform" rating to an "outperform" rating in a research report on Thursday, April 24th. Finally, Morgan Stanley downgraded shares of Teck Resources from an "overweight" rating to an "equal weight" rating and raised their price objective for the company from $42.00 to $44.00 in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Teck Resources has a consensus rating of "Hold" and an average target price of $60.89.

Check Out Our Latest Stock Analysis on TECK

Teck Resources Stock Performance

TECK stock traded down $1.46 during midday trading on Friday, hitting $33.66. The company's stock had a trading volume of 3,937,896 shares, compared to its average volume of 3,642,659. Teck Resources has a 1 year low of $28.32 and a 1 year high of $54.13. The company has a quick ratio of 2.57, a current ratio of 3.36 and a debt-to-equity ratio of 0.15. The stock's 50-day moving average price is $38.23 and its 200 day moving average price is $38.63. The stock has a market cap of $16.26 billion, a price-to-earnings ratio of 58.05, a PEG ratio of 0.62 and a beta of 0.80.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.18. The business had revenue of $1.60 billion during the quarter, compared to analysts' expectations of $2.19 billion. Teck Resources had a return on equity of 4.53% and a net margin of 3.48%. The business's revenue was up 41.4% on a year-over-year basis. During the same quarter last year, the business posted $0.75 EPS. On average, equities analysts forecast that Teck Resources will post 1.53 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Smartleaf Asset Management LLC increased its holdings in Teck Resources by 69.2% during the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock worth $32,000 after buying an additional 350 shares during the last quarter. Costello Asset Management INC bought a new stake in shares of Teck Resources in the first quarter valued at about $33,000. Banque Cantonale Vaudoise bought a new stake in Teck Resources during the first quarter worth about $36,000. Golden State Wealth Management LLC lifted its position in Teck Resources by 7,560.0% during the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock worth $42,000 after purchasing an additional 1,134 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Teck Resources in the second quarter worth about $49,000. Institutional investors own 78.06% of the company's stock.

Teck Resources Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Teck Resources (NYSE:TECK)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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