Teck Resources Limited (NYSE:TECK) Receives $65.29 Average PT from Brokerages

Teck Resources Limited (NYSE:TECK) (TSE:TECK) has been given an average recommendation of “Moderate Buy” by the ten research firms that are presently covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $65.29.

Several equities analysts have recently issued reports on the company. Citigroup raised Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Scotiabank upped their price target on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. reduced their price target on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, October 25th. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Finally, UBS Group cut Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th.

Teck Resources Stock Performance

Shares of TECK stock opened at $46.81 on Friday. The stock has a market cap of $23.55 billion, a PE ratio of 70.93 and a beta of 1.04. The business has a 50-day simple moving average of $48.89 and a 200-day simple moving average of $48.60. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. Teck Resources has a 52-week low of $35.25 and a 52-week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.24. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The company’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 EPS. On average, equities analysts expect that Teck Resources will post 1.86 EPS for the current year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.0895 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.76%. Teck Resources’s payout ratio is currently 56.06%.

Institutional Investors Weigh In On Teck Resources

A number of large investors have recently made changes to their positions in TECK. AMF Tjanstepension AB grew its position in shares of Teck Resources by 846.6% in the second quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock valued at $210,034,000 after purchasing an additional 3,919,984 shares in the last quarter. Castle Hook Partners LP purchased a new stake in shares of Teck Resources in the first quarter valued at approximately $90,980,000. TD Asset Management Inc grew its position in shares of Teck Resources by 49.0% in the second quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock valued at $237,202,000 after purchasing an additional 1,629,149 shares in the last quarter. FMR LLC grew its position in Teck Resources by 72.8% in the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after acquiring an additional 1,531,563 shares during the period. Finally, Zurich Insurance Group Ltd FI purchased a new position in Teck Resources in the third quarter worth approximately $70,549,000. 78.06% of the stock is currently 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.