Teck Resources Ltd (NYSE:TECK) Receives $60.75 Average PT from Analysts

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) has been given a consensus rating of “Hold” by the twenty ratings firms that are covering the company, MarketBeat Ratings reports. Twelve research analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $60.11.

A number of equities research analysts have recently commented on the stock. CIBC cut shares of Teck Resources from a “sector outperform” rating to a “neutral” rating in a report on Friday, July 25th. Desjardins lowered Teck Resources from a “buy” rating to a “hold” rating in a report on Friday, July 18th. National Bankshares raised Teck Resources from a “sector perform” rating to an “outperform” rating in a research note on Thursday, April 24th. BMO Capital Markets initiated coverage on Teck Resources in a report on Wednesday, April 16th. They issued an “outperform” rating on the stock. Finally, Cibc World Mkts cut Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th.

Teck Resources Trading Down 2.6%

TECK opened at $32.17 on Thursday. The company has a quick ratio of 2.57, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. Teck Resources has a 52 week low of $28.32 and a 52 week high of $54.13. The business’s 50 day moving average is $38.07 and its two-hundred day moving average is $38.44. The firm has a market cap of $15.54 billion, a price-to-earnings ratio of 84.66, a price-to-earnings-growth ratio of 0.52 and a beta of 0.80.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The business had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the previous year, the company posted $0.79 EPS. The company’s quarterly revenue was up 12.3% on a year-over-year basis. On average, research analysts predict that Teck Resources will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a $0.0918 dividend. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Monday, September 15th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is currently 94.74%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC grew its holdings in shares of Teck Resources by 69.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 350 shares during the period. Costello Asset Management INC purchased a new stake in Teck Resources during the first quarter worth $33,000. Banque Cantonale Vaudoise acquired a new stake in Teck Resources in the first quarter valued at $36,000. Golden State Wealth Management LLC grew its holdings in Teck Resources by 7,560.0% in the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 1,134 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Teck Resources in the second quarter valued at $49,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Company Profile

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.