Teck Resources Ltd (TECK) Upgraded to Buy by Bank of America Corporation
Teck Resources Ltd (NYSE:TECK) (TSE:TECK) was upgraded by stock analysts at Bank of America Corporation from a “neutral” rating to a “buy” rating in a research report issued on Friday, The Fly reports.
TECK has been the subject of a number of other reports. Deutsche Bank AG reissued a “buy” rating and issued a $23.00 price target (down from $24.00) on shares of Teck Resources in a research note on Sunday, June 25th. Berenberg Bank raised shares of Teck Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, March 22nd. Clarkson Capital reaffirmed a “buy” rating on shares of Teck Resources in a research note on Friday, May 19th. Credit Suisse Group reaffirmed an “outperform” rating on shares of Teck Resources in a research note on Tuesday, April 18th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $38.00 price target (down previously from $39.00) on shares of Teck Resources in a research report on Friday, June 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-one have given a buy rating to the stock. Teck Resources has a consensus rating of “Buy” and a consensus target price of $25.89.
Shares of Teck Resources (NYSE TECK) traded down 0.17% during mid-day trading on Friday, reaching $17.25. The company had a trading volume of 2,271,829 shares. The firm’s 50 day moving average is $17.51 and its 200-day moving average is $20.79. Teck Resources has a 12-month low of $12.62 and a 12-month high of $26.60. The stock has a market capitalization of $9.83 billion, a P/E ratio of 13.03 and a beta of 1.22. Teck Resources also was the target of some unusual options trading activity on Wednesday. Stock investors purchased 8,055 call options on the company. This is an increase of approximately 266% compared to the average volume of 2,198 call options.
Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Tuesday, April 25th. The basic materials company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $1.04 by $0.16. The firm had revenue of $2.89 billion during the quarter, compared to the consensus estimate of $3.05 billion. Teck Resources had a return on equity of 10.02% and a net margin of 14.37%. The firm’s quarterly revenue was up 70.4% compared to the same quarter last year. On average, analysts expect that Teck Resources will post $3.19 earnings per share for the current fiscal year.
The firm also recently announced a semiannual dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be given a $0.0741 dividend. This represents a dividend yield of 0.72%. This is a boost from Teck Resources’s previous semiannual dividend of $0.04. The ex-dividend date of this dividend is Tuesday, June 13th. Teck Resources’s dividend payout ratio is 7.69%.
Teck Resources Company Profile
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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