Teck Resources (NYSE:TECK) Raised to Hold at Citigroup

Citigroup upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

A number of other research firms have also recently commented on TECK. JPMorgan Chase & Co. dropped their target price on shares of Teck Resources from $56.00 to $54.00 and set an overweight rating for the company in a report on Thursday, July 25th. BMO Capital Markets initiated coverage on shares of Teck Resources in a report on Monday, July 15th. They issued an outperform rating for the company. Paradigm Capital upgraded shares of Teck Resources to a moderate buy rating in a report on Friday, July 26th. Benchmark reiterated a buy rating and issued a $55.00 price objective on shares of Teck Resources in a report on Thursday, July 25th. Finally, Morgan Stanley raised their price objective on shares of Teck Resources from $55.00 to $60.00 and gave the company an overweight rating in a report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Teck Resources presently has an average rating of Moderate Buy and an average target price of $65.00.

Teck Resources Stock Performance

NYSE:TECK opened at $51.81 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $26.47 billion, a PE ratio of 22.92 and a beta of 1.02. Teck Resources has a twelve month low of $34.38 and a twelve month high of $55.13. The stock’s 50-day simple moving average is $47.76 and its 200 day simple moving average is $48.27.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping 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 business’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 earnings per share. On average, analysts anticipate that Teck Resources will post 1.98 EPS for the current fiscal year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 4.83%. The ex-dividend date was Friday, September 13th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is currently 16.37%.

Institutional Trading of Teck Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Teck Resources by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock worth $765,493,000 after buying an additional 290,034 shares during the period. FIL Ltd grew its position in shares of Teck Resources by 98.8% during the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after buying an additional 5,933,226 shares during the period. Janus Henderson Group PLC grew its position 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 worth $394,178,000 after buying an additional 203,607 shares during the period. CIBC Asset Management Inc grew its position in shares of Teck Resources by 1.4% during the 2nd quarter. CIBC Asset Management Inc now owns 6,330,121 shares of the basic materials company’s stock worth $303,161,000 after buying an additional 90,089 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of Teck Resources by 7.3% during the 2nd quarter. Principal Financial Group Inc. now owns 6,103,740 shares of the basic materials company’s stock worth $292,441,000 after buying an additional 416,070 shares during the period. Institutional investors and hedge funds 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.