Teck Resources’ (TECK) Buy Rating Reiterated at Benchmark

Benchmark reaffirmed their buy rating on shares of Teck Resources (NYSE:TECK) (TSE:TECK) in a research note issued to investors on Thursday, Benzinga reports. They currently have a $55.00 price target on the basic materials company’s stock.

TECK has been the subject of several other reports. Eight Capital lowered shares of Teck Resources from a strong-buy rating to a hold rating in a research report on Thursday, July 11th. BMO Capital Markets started coverage on shares of Teck Resources in a research report on Monday, July 15th. They set an outperform rating for the company. CIBC increased their target price on shares of Teck Resources from $70.00 to $80.00 and gave the stock an outperformer rating in a report on Friday, July 12th. Morgan Stanley increased their target price on shares of Teck Resources from $55.00 to $60.00 and gave the stock an overweight rating in a report on Friday, June 21st. Finally, TD Securities raised shares of Teck Resources to a strong-buy rating in a research note on Tuesday, July 16th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $62.40.

Teck Resources Stock Up 3.8 %

Shares of NYSE:TECK opened at $47.45 on Thursday. Teck Resources has a 52-week low of $34.38 and a 52-week high of $55.13. The firm has a fifty day moving average of $49.07 and a 200 day moving average of $45.46. The firm has a market capitalization of $24.24 billion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 10.93 and a beta of 1.05. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.49.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.32. Teck Resources had a net margin of 9.40% and a return on equity of 6.61%. The business had revenue of $3.87 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same period in the prior year, the business posted $0.91 earnings per share. The company’s revenue was up 10.1% on a year-over-year basis. As a group, research analysts anticipate that Teck Resources will post 2.03 EPS for the current fiscal year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.625 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.50 annualized dividend and a dividend yield of 5.27%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is 16.37%.

Institutional Investors Weigh In On Teck Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. First Hawaiian Bank increased its position in shares of Teck Resources by 6.0% during the first quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock valued at $254,000 after acquiring an additional 313 shares in the last quarter. Cigna Investments Inc. New boosted its holdings in Teck Resources by 3.8% in the second quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock worth $420,000 after purchasing an additional 317 shares during the last quarter. Verdence Capital Advisors LLC grew its position in Teck Resources by 3.3% in the 1st quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock worth $503,000 after purchasing an additional 353 shares during the period. Hexagon Capital Partners LLC grew its position in Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 386 shares during the period. Finally, Optiver Holding B.V. grew its position in Teck Resources by 81.9% in the 4th quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 438 shares during the period. Institutional investors own 78.06% of the company’s stock.

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.