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

Key Points

• Teck Resources had its price target lowered from $55.00 to $48.00 by Benchmark, while maintaining a "buy" rating, indicating a potential upside of 45.48% from its current price.
• The company reported an earnings per share (EPS) of $0.27 for the last quarter, exceeding analysts' expectations of $0.20, although its revenue of $1.49 billion fell short of predictions.
• Thirteen research analysts currently rate Teck Resources as a "hold," while seven have a "buy" rating, reflecting a mixed outlook among analysts.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK had its price target cut by research analysts at Benchmark from $55.00 to $48.00 in a research note issued to investors on Monday, July 28th, Marketbeat reports. The brokerage presently has a "buy" rating on the basic materials company's stock. Benchmark's price target would indicate a potential upside of 47.24% from the stock's previous close.

TECK has been the subject of several other reports. BMO Capital Markets assumed coverage on Teck Resources in a research note on Wednesday, April 16th. They issued an "outperform" rating for the company. Desjardins downgraded Teck Resources from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Morgan Stanley downgraded Teck Resources from an "overweight" rating to an "equal weight" rating and increased their target price for the company from $42.00 to $44.00 in a research report on Tuesday, July 15th. Wall Street Zen upgraded Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Veritas upgraded Teck Resources to a "hold" rating in a research report on Friday, April 11th. Thirteen investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $60.11.

Teck Resources Trading Up 0.3%

Teck Resources stock opened at $32.60 on Monday. The firm has a 50 day moving average of $37.66 and a 200 day moving average of $38.08. The firm has a market capitalization of $15.75 billion, a price-to-earnings ratio of 85.79, a P/E/G ratio of 0.51 and a beta of 0.81. Teck Resources has a 12-month low of $28.32 and a 12-month high of $54.13. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.07. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the prior year, the company posted $0.79 EPS. The firm's revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, research analysts predict that Teck Resources will post 1.53 earnings per share for the current year.

Hedge Funds Weigh In On Teck Resources

Several institutional investors have recently made changes to their positions in TECK. Principal Financial Group Inc. increased its stake in shares of Teck Resources by 56.9% during the first quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company's stock valued at $419,970,000 after buying an additional 4,180,623 shares during the period. Canoe Financial LP bought a new stake in Teck Resources during the second quarter valued at about $97,536,000. Arrowstreet Capital Limited Partnership bought a new stake in Teck Resources during the fourth quarter valued at about $65,197,000. Temasek Holdings Private Ltd boosted its position in Teck Resources by 125.8% during the first quarter. Temasek Holdings Private Ltd now owns 2,479,555 shares of the basic materials company's stock valued at $90,330,000 after purchasing an additional 1,381,355 shares in the last quarter. Finally, Carrhae Capital LLP bought a new stake in Teck Resources during the first quarter valued at about $46,478,000. Hedge funds and other institutional investors 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.