Teck Resources Downgraded to Sector Perform by National Bank Financial

Teck Resources (NYSE:TECK, TSE: TECK) received a downgrade from National Bank Financial, shifting its rating from "outperform" to "sector perform" in a research note released to investors this past Tuesday.

In the wake of this announcement, other analysts have also shared their perspectives on Teck Resources. For instance, StockNews.com upgraded the company from a "sell" rating to a "hold" rating on October 24. Additionally, Deutsche Bank has downgraded Teck from a "buy" to a "hold," assigning a price target of $50.00 for the stock. Citigroup similarly raised its rating to "hold" on October 2.

Furthermore, JPMorgan Chase & Co. revised their price target down from $57.00 to $55.00 while maintaining an "overweight" rating. Following this, Scotiabank increased their price target for Teck, adjusting it from $78.00 to $79.00 and reaffirming their "sector outperform" rating. Presently, six equity research analysts rate the stock as a hold, five view it as a buy, and one gives it a strong buy rating. Overall, MarketBeat.com data indicates that Teck Resources holds an average rating of "Moderate Buy" with an average target price of $65.29.

Teck Resources Trading Information

On the day of the downgrade, Teck Resources' stock opened at $46.79. The company exhibits a current ratio of 2.92, a quick ratio of 2.35, and a modest debt-to-equity ratio of 0.16. Its fifty-day and two-hundred-day simple moving averages rest both at $48.10. Over the past year, Teck has seen a low of $36.50 and a peak of $55.13. As of now, Teck Resources boasts a market capitalization of $23.97 billion with a price-to-earnings ratio of 70.89 and a beta of 1.03.

Teck Resources reported its latest earnings results on October 24, showing an earnings per share (EPS) of $0.60 for the quarter, surpassing the consensus estimate of $0.36 by $0.24. The company's revenue stood at $2.86 billion, well above the anticipated $2.09 billion. However, this revenue marks a 20.6% decrease from the same quarter last year. In the previous year, EPS was recorded at $0.57. Analysts estimate that Teck will achieve an EPS of 1.82 by the end of the current fiscal year.

Recent Institutional Activity

In addition to analyst ratings, various institutional investors have made noteworthy changes to their positions in Teck Resources. For example, Cetera Investment Advisers increased its holdings by an impressive 486.8% during the first quarter, acquiring 36,972 shares valued at $1,693,000 after purchasing an additional 30,671 shares. Other institutions such as Cetera Advisors LLC and Sequoia Financial Advisors LLC have also bolstered their stakes in the company. Overall, institutional investors currently hold a substantial 78.06% of Teck's shares, reflecting strong confidence in the firm's potential.

About Teck Resources

Teck Resources Limited engages in the exploration, acquisition, development, and production of natural resources across Asia, Europe, and North America. The company operates through several segments, including Steelmaking Coal, Copper, Zinc, and Energy, focusing primarily on producing copper, zinc, steelmaking coal, and blended bitumen.

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