Teck Resources Downgraded to Sector Perform by National Bank Financial

On Tuesday, analysts at National Bank Financial downgraded Teck Resources (NYSE:TECK) from an "outperform" rating to a "sector perform" rating in a research note distributed to investors. This revised outlook reflects a shift in the analysts' stance regarding the stock.

Additionally, various other analysts have recently influenced the market's perception of Teck Resources. StockNews.com transitioned its rating from "sell" to a "hold" on October 24. On October 25, Deutsche Bank Aktiengesellschaft adjusted its rating from "buy" to "hold," setting a price target of $50.00 for the stock. Further, Citigroup upgraded its rating to "hold" on October 2.

Market Performance Overview

JPMorgan Chase & Co. made adjustments to its price target, reducing it from $57.00 to $55.00 while maintaining an "overweight" rating. In contrast, Scotiabank raised its price target from $78.00 to $79.00 and labeled the company with a "sector outperform" rating on October 8. Collectively, six analysts have assigned a hold rating to Teck Resources, five have given it a buy rating, and one has deemed it a strong buy. Based on data from MarketBeat.com, the average rating remains a "Moderate Buy," with a mean target price of $65.29.

Recent Trading Activity

On the day of the downgrade, Teck Resources opened at $46.79. The company exhibits a current ratio of 2.92, a quick ratio of 2.35, and a low debt-to-equity ratio of 0.16, indicating a strong liquidity position. The stock records a fifty-day simple moving average of $48.10 and a two-hundred-day simple moving average at the same value.

Over the past year, Teck Resources has seen its stock fluctuate between a low of $36.50 and a high of $55.13. The company boasts a market capitalization nearing $23.97 billion and a price-to-earnings ratio of 70.89, with a beta of 1.03. On October 24, the company released its earnings report, indicating an earnings per share (EPS) of $0.60, exceeding analysts' expectations of $0.36 by $0.24. The reported revenue for the quarter was $2.86 billion, surpassing the anticipated $2.09 billion.

Institutional Investment Insights

Recent changes among institutional investors indicate growing interest in Teck Resources. Cetera Investment Advisers increased its shares in Teck by 486.8% in the first quarter, now holding 36,972 shares valued at approximately $1.69 million. Other institutional moves include Cetera Advisors LLC purchasing new shares valued at about $391,000 and Sequoia Financial Advisors LLC increasing its stake by 8.6% in the second quarter, securing 9,815 shares at about $470,000. Country Club Bank also entered the scene with a new stake worth approximately $1.75 million.

About Teck Resources

Teck Resources Limited is a prominent player in the exploration, acquisition, development, and production of natural resources, operating across Asia, Europe, and North America. The company's segments include Steelmaking Coal, Copper, Zinc, and Energy, with its main products being copper, zinc, steelmaking coal, and blended bitumen.

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