Teck Resources Ltd. (TCK) Upgraded by Scotiabank to “Sector Outperform”
Teck Resources Ltd. (NYSE:TCK) (TSE:TCK.B) was upgraded by investment analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research report issued to clients and investors on Tuesday.
Other equities analysts have also recently issued reports about the stock. Dundee Securities raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Friday, October 14th. Bank of America Corporation initiated coverage on shares of Teck Resources in a research note on Monday, October 17th. They set a “buy” rating for the company. TD Securities reaffirmed a “buy” rating and set a $30.00 price target on shares of Teck Resources in a research note on Sunday, October 2nd. Paradigm Capital reaffirmed a “buy” rating and set a $34.00 price target (up from $29.00) on shares of Teck Resources in a research note on Saturday, October 29th. Finally, Goldman Sachs Group, Inc. (The) raised shares of Teck Resources from a “neutral” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Tuesday, November 15th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $24.23.
Shares of Teck Resources (NYSE:TCK) remained flat at $25.36 during trading on Tuesday. The firm has a 50-day moving average of $22.41 and a 200 day moving average of $16.57. Teck Resources has a one year low of $2.56 and a one year high of $26.60.
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Teck Resources (NYSE:TCK) last released its quarterly earnings results on Thursday, October 27th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.08. Teck Resources had a negative net margin of 1.42% and a positive return on equity of 1.13%. The firm earned $2.31 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the previous year, the company earned $0.05 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, analysts expect that Teck Resources will post $1.19 EPS for the current fiscal year.
The firm also recently disclosed a semiannual dividend, which was paid on Friday, December 30th. Stockholders of record on Thursday, December 15th were paid a $0.037 dividend. The ex-dividend date was Tuesday, December 13th. This represents a dividend yield of 0.29%. Teck Resources’s payout ratio is currently -53.33%.
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Several hedge funds have recently added to or reduced their stakes in TCK. Hexavest Inc. acquired a new stake in Teck Resources during the fourth quarter worth $1,895,000. Great West Life Assurance Co. Can raised its stake in Teck Resources by 9.2% in the fourth quarter. Great West Life Assurance Co. Can now owns 3,234,232 shares of the company’s stock worth $12,482,000 after buying an additional 273,237 shares during the last quarter. Korea Investment CORP raised its stake in Teck Resources by 6.4% in the fourth quarter. Korea Investment CORP now owns 612,700 shares of the company’s stock worth $2,355,000 after buying an additional 36,900 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in Teck Resources by 46.4% in the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 5,318,617 shares of the company’s stock worth $28,401,000 after buying an additional 1,686,000 shares during the last quarter. Finally, Letko Brosseau & Associates Inc. raised its stake in Teck Resources by 29.7% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 23,379,656 shares of the company’s stock worth $90,208,000 after buying an additional 5,348,465 shares during the last quarter. Hedge funds and other institutional investors own 45.71% of the company’s stock.
About Teck Resources
Teck Resources Limited is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company operates through five segments: steelmaking coal, copper, zinc, energy and corporate. Through its interests in mining and processing operations in Canada, the United States, Chile and Peru, the Company exports seaborne steelmaking coal and produces mined zinc.
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