Teck Resources (NYSE:TECK) Upgraded to “Strong-Buy” at Veritas

Veritas upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a strong sell rating to a strong-buy rating in a report published on Thursday morning,Zacks.com reports.

Several other brokerages have also recently commented on TECK. Canaccord Genuity Group cut Teck Resources from a “buy” rating to a “hold” rating in a report on Wednesday, October 8th. Natl Bk Canada downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 5th. Citigroup restated a “neutral” rating on shares of Teck Resources in a research report on Thursday. Benchmark reaffirmed a “buy” rating on shares of Teck Resources in a research note on Thursday, October 23rd. Finally, Weiss Ratings upgraded shares of Teck Resources from a “sell (d+)” rating to a “hold (c)” rating in a research report on Friday, October 24th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and fourteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Teck Resources presently has an average rating of “Hold” and an average price target of $55.71.

Teck Resources Stock Performance

NYSE:TECK opened at $52.21 on Thursday. Teck Resources has a 1 year low of $28.32 and a 1 year high of $52.42. The firm has a 50 day moving average of $45.00 and a 200-day moving average of $40.64. The company has a current ratio of 2.78, a quick ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $25.09 billion, a P/E ratio of 29.33, a price-to-earnings-growth ratio of 0.57 and a beta of 0.79.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.16. Teck Resources had a return on equity of 4.14% and a net margin of 11.93%.The business had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same period in the prior year, the company earned $0.60 EPS. Teck Resources’s revenue for the quarter was up 18.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Teck Resources will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Monday, December 15th. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is currently 20.22%.

Institutional Investors Weigh In On Teck Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank acquired a new position in Teck Resources in the second quarter valued at approximately $437,657,000. 1832 Asset Management L.P. raised its position in shares of Teck Resources by 1,555.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 5,738,457 shares of the basic materials company’s stock valued at $231,719,000 after acquiring an additional 5,391,907 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Teck Resources by 36.1% during the 3rd quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock valued at $740,604,000 after acquiring an additional 4,474,637 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Teck Resources by 264.5% in the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock valued at $253,695,000 after purchasing an additional 4,194,868 shares during the period. Finally, Pentwater Capital Management LP boosted its position in shares of Teck Resources by 7,150.0% in the 3rd quarter. Pentwater Capital Management LP now owns 2,900,000 shares of the basic materials company’s stock worth $127,281,000 after purchasing an additional 2,860,000 shares during the last quarter. 78.06% of the stock is owned by institutional investors.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.