Brokerages Set Teck Resources Limited (NYSE:TECK) PT at $65.29

Shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) have received a consensus recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $65.29.

A number of research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. 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. National Bank Financial lowered Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. JPMorgan Chase & Co. dropped their price objective on Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Finally, Citigroup raised Teck Resources to a “hold” rating in a report on Wednesday, October 2nd.

Institutional Trading of Teck Resources

Several institutional investors and hedge funds have recently made changes to their positions in TECK. FMR LLC lifted its position in shares of Teck Resources by 72.8% in the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock valued at $189,848,000 after acquiring an additional 1,531,563 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in Teck Resources during the third quarter worth about $70,549,000. Principal Financial Group Inc. lifted its position in Teck Resources by 21.7% during the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after buying an additional 1,326,241 shares during the period. Holocene Advisors LP lifted its position in Teck Resources by 152.7% during the third quarter. Holocene Advisors LP now owns 2,070,377 shares of the basic materials company’s stock worth $108,156,000 after buying an additional 1,251,203 shares during the period. Finally, Cibc World Market Inc. lifted its position in Teck Resources by 26.1% during the second quarter. Cibc World Market Inc. now owns 4,779,715 shares of the basic materials company’s stock worth $228,948,000 after buying an additional 989,612 shares during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Trading Up 1.4 %

NYSE:TECK opened at $42.03 on Friday. The firm has a market cap of $21.07 billion, a P/E ratio of 63.68 and a beta of 1.05. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The stock’s 50 day simple moving average is $44.37 and its 200-day simple moving average is $46.84. Teck Resources has a 12-month low of $36.50 and a 12-month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. The business had revenue of $2.86 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. Equities analysts anticipate that Teck Resources will post 1.81 EPS for the current year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a $0.0895 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.85%. Teck Resources’s dividend payout ratio is currently 56.06%.

About Teck Resources

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.