Teck Resources Ltd (TECK) Given Average Rating of “Buy” by Analysts
Teck Resources Ltd (NYSE:TECK) (TSE:TECK) has received a consensus recommendation of “Buy” from the twenty-six research firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-three have assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $30.89.
TECK has been the topic of several analyst reports. Clarkson Capital reissued a “buy” rating on shares of Teck Resources in a research note on Friday, May 19th. J P Morgan Chase & Co raised Teck Resources from a “neutral” rating to an “overweight” rating in a research note on Tuesday, May 30th. Bank of America Corporation cut Teck Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $27.00 to $19.00 in a research note on Friday, June 9th. Royal Bank Of Canada reissued an “outperform” rating and set a $38.00 price objective (down from $39.00) on shares of Teck Resources in a research note on Friday, June 16th. Finally, Deutsche Bank AG reissued a “buy” rating and set a $23.00 price objective (down from $24.00) on shares of Teck Resources in a research note on Sunday, June 25th.
Several hedge funds and other institutional investors have recently made changes to their positions in TECK. Atria Investments LLC purchased a new stake in Teck Resources during the second quarter worth $231,000. Addison Capital Co purchased a new stake in Teck Resources during the second quarter worth $423,000. NN Investment Partners Holdings N.V. purchased a new stake in Teck Resources during the second quarter worth $623,000. Nexus Investment Management Inc. purchased a new stake in Teck Resources during the second quarter worth $182,000. Finally, Winslow Evans & Crocker Inc. purchased a new stake in Teck Resources during the second quarter worth $108,000. Hedge funds and other institutional investors own 46.68% of the company’s stock.
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Shares of Teck Resources (TECK) traded down 5.53% during trading on Friday, hitting $23.24. The stock had a trading volume of 8,412,751 shares. Teck Resources has a 12 month low of $14.56 and a 12 month high of $26.60. The stock has a 50 day moving average of $22.93 and a 200 day moving average of $20.40. The company has a market cap of $13.43 billion, a PE ratio of 8.34 and a beta of 1.25.
Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, July 27th. The basic materials company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.02. The company had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.75 billion. Teck Resources had a return on equity of 13.01% and a net margin of 17.93%. Teck Resources’s quarterly revenue was up 62.0% compared to the same quarter last year. Equities analysts forecast that Teck Resources will post $3.54 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.0399 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.69%. Teck Resources’s payout ratio is 5.64%.
About Teck Resources
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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