Teck Resources Limited (NYSE:TECK) Receives $62.40 Consensus Target Price from Brokerages

Shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) have been given an average rating of “Moderate Buy” by the ten ratings firms that are presently covering the stock, Marketbeat.com reports. Two equities 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. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $62.40.

A number of analysts have recently issued reports on TECK shares. CIBC raised their target price on shares of Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research note on Friday, July 12th. BMO Capital Markets started coverage on shares of Teck Resources in a research note on Monday, July 15th. They set an “outperform” rating for the company. Benchmark restated a “buy” rating and set a $55.00 target price on shares of Teck Resources in a research note on Thursday, July 25th. Morgan Stanley raised their target price on shares of Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, June 21st. Finally, TD Securities upgraded shares of Teck Resources to a “strong-buy” rating in a research note on Tuesday, July 16th.

Teck Resources Stock Performance

Shares of TECK stock opened at $46.42 on Thursday. The stock has a market cap of $23.77 billion, a P/E ratio of 20.54 and a beta of 1.05. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. The company has a fifty day moving average price of $47.77 and a two-hundred day moving average price of $46.05. Teck Resources has a one year low of $34.38 and a one year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. The firm had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 earnings per share. As a group, equities analysts predict that Teck Resources will post 1.97 EPS for the current year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.625 dividend. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 annualized dividend and a yield of 5.39%. The ex-dividend date is Friday, September 13th. Teck Resources’s dividend payout ratio (DPR) is currently 16.37%.

Hedge Funds Weigh In On Teck Resources

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Teck Resources by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after buying an additional 290,034 shares during the period. FIL Ltd increased its holdings in Teck Resources by 98.8% in the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after buying an additional 5,933,226 shares during the period. Boston Partners grew its holdings in shares of Teck Resources by 28.8% during the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock valued at $484,995,000 after purchasing an additional 2,432,378 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Teck Resources by 2.4% during the 1st quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock valued at $394,178,000 after purchasing an additional 203,607 shares during the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of Teck Resources by 45.7% during the 4th quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock valued at $280,491,000 after purchasing an additional 2,080,295 shares during the last quarter. 78.06% of the stock is owned by 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.