Teck Resources (NYSE:TECK) Price Target Raised to C$40.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price target upped by TD Securities from C$37.00 to C$40.00 in a report released on Wednesday morning, The Fly reports. The brokerage currently has a buy rating on the basic materials company’s stock.

A number of other analysts also recently issued reports on TECK. Raymond James increased their target price on shares of Teck Resources from C$35.00 to C$37.00 and gave the stock an outperform rating in a research report on Wednesday, July 28th. Credit Suisse Group increased their target price on shares of Teck Resources from C$34.00 to C$42.00 and gave the stock an outperform rating in a research report on Wednesday, July 28th. Scotiabank dropped their target price on shares of Teck Resources from C$36.00 to C$35.00 and set an outperform rating for the company in a research report on Wednesday, July 28th. Bank of America raised shares of Teck Resources from a neutral rating to a buy rating and increased their target price for the stock from $27.00 to $30.00 in a research report on Thursday, July 8th. Finally, BMO Capital Markets upgraded Teck Resources from a market perform rating to an outperform rating and upped their price target for the stock from $40.00 to $44.00 in a report on Wednesday. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Buy and an average price target of $31.23.

NYSE TECK opened at $24.78 on Wednesday. Teck Resources has a 12 month low of $11.91 and a 12 month high of $27.08. The company has a 50-day moving average of $22.76 and a 200-day moving average of $22.46. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.26 and a quick ratio of 0.58. The company has a market cap of $13.00 billion, a P/E ratio of 97.68 and a beta of 1.27.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Tuesday, July 27th. The basic materials company reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.13. Teck Resources had a net margin of 1.83% and a return on equity of 5.02%. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter in the prior year, the company posted $0.17 EPS. The company’s quarterly revenue was up 48.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Teck Resources will post 2.78 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 29th. Stockholders of record on Wednesday, September 15th will be paid a dividend of $0.0397 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.64%. The ex-dividend date of this dividend is Tuesday, September 14th. Teck Resources’s dividend payout ratio (DPR) is currently 20.51%.

Institutional investors and hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. lifted its stake in Teck Resources by 84.3% during the second quarter. American Century Companies Inc. now owns 1,418,566 shares of the basic materials company’s stock worth $32,683,000 after purchasing an additional 648,935 shares during the last quarter. Morgan Stanley lifted its stake in Teck Resources by 34.1% during the first quarter. Morgan Stanley now owns 2,352,816 shares of the basic materials company’s stock worth $45,127,000 after purchasing an additional 597,685 shares during the last quarter. Affinity Wealth Management LLC lifted its stake in Teck Resources by 0.9% during the second quarter. Affinity Wealth Management LLC now owns 112,103 shares of the basic materials company’s stock worth $2,374,000 after purchasing an additional 1,002 shares during the last quarter. O Brien Greene & Co. Inc bought a new position in Teck Resources during the first quarter worth $337,000. Finally, Northern Trust Corp lifted its stake in Teck Resources by 1.0% during the first quarter. Northern Trust Corp now owns 500,164 shares of the basic materials company’s stock worth $9,593,000 after purchasing an additional 4,931 shares during the last quarter. Hedge funds and other institutional investors own 45.45% of the company’s stock.

Teck Resources Company Profile

Teck Resources Ltd. is a resource company, which engages in mining and development of mineral properties. It organized into business units focused on steelmaking coal, copper, zinc, and energy. The firm also offers lead, silver, molybdenum and various specialty and other metals, chemicals and fertilizers.

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