Teck Resources (NYSE:TECK) Earns Buy Rating from Benchmark

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's stock had its "buy" rating reaffirmed by investment analysts at Benchmark in a research report issued on Monday, Marketbeat reports. They presently have a $48.00 target price on the basic materials company's stock, down from their previous target price of $55.00. Benchmark's price objective would suggest a potential upside of 41.14% from the company's current price.

Several other equities analysts have also weighed in on the company. Desjardins lowered Teck Resources from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. UBS Group reiterated a "neutral" rating on shares of Teck Resources in a report on Tuesday, April 15th. Veritas upgraded Teck Resources to a "hold" rating in a research note on Friday, April 11th. Royal Bank Of Canada reduced their price objective on Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a research note on Friday. Finally, CIBC lowered Teck Resources from a "sector outperform" rating to a "neutral" rating in a report on Friday. Thirteen equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $60.11.

Teck Resources Stock Performance

TECK traded up $1.01 during midday trading on Monday, reaching $34.01. The company had a trading volume of 5,232,414 shares, compared to its average volume of 3,717,273. 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 business has a 50-day moving average of $38.17 and a two-hundred day moving average of $38.54. The company has a market cap of $16.43 billion, a P/E ratio of 89.49, a P/E/G ratio of 0.52 and a beta of 0.80. Teck Resources has a 1 year low of $28.32 and a 1 year high of $54.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued 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 3.87% and a net margin of 2.51%. The firm had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the prior year, the business posted $0.79 earnings per share. The company's revenue for the quarter was up 12.3% on a year-over-year basis. As a group, equities research analysts predict that Teck Resources will post 1.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Teck Resources

Institutional investors have recently modified their holdings of the business. Commonwealth Equity Services LLC increased its position in shares of Teck Resources by 2.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 13,959 shares of the basic materials company's stock valued at $566,000 after purchasing an additional 302 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Teck Resources by 6.9% in the fourth quarter. Sei Investments Co. now owns 165,150 shares of the basic materials company's stock worth $6,693,000 after buying an additional 10,699 shares during the last quarter. LPL Financial LLC boosted its position in Teck Resources by 5.1% during the fourth quarter. LPL Financial LLC now owns 152,327 shares of the basic materials company's stock worth $6,174,000 after purchasing an additional 7,400 shares in the last quarter. Pictet Asset Management Holding SA lifted its position in shares of Teck Resources by 102.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 309,987 shares of the basic materials company's stock valued at $12,563,000 after acquiring an additional 156,980 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Teck Resources during the fourth quarter worth approximately $65,197,000. 78.06% of the stock is 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.