Teck Resources (NYSE:TECK) Cut to “Hold” at Natl Bk Canada

Natl Bk Canada cut shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a strong-buy rating to a hold rating in a research note released on Friday morning,Zacks.com reports.

Several other brokerages also recently issued reports on TECK. Raymond James Financial restated an “outperform” rating on shares of Teck Resources in a research note on Friday, October 10th. Weiss Ratings raised shares of Teck Resources from a “sell (d+)” rating to a “hold (c)” rating in a report on Friday, October 24th. JPMorgan Chase & Co. boosted their price objective on shares of Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a report on Friday. Benchmark reaffirmed a “buy” rating on shares of Teck Resources in a research report on Thursday, October 23rd. Finally, Citigroup reiterated a “neutral” rating on shares of Teck Resources in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $55.71.

Teck Resources Trading Up 0.5%

NYSE:TECK opened at $45.10 on Friday. The company’s 50 day moving average is $42.62 and its 200-day moving average is $38.83. The company has a quick ratio of 2.08, a current ratio of 2.78 and a debt-to-equity ratio of 0.15. Teck Resources has a 12 month low of $28.32 and a 12 month high of $47.85. The firm has a market cap of $21.68 billion, a price-to-earnings ratio of 25.33, a P/E/G ratio of 0.65 and a beta of 0.83.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.16. The business had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.93 billion. Teck Resources had a net margin of 11.93% and a return on equity of 4.14%. Teck Resources’s revenue was up 18.4% compared to the same quarter last year. During the same period last year, the business posted $0.60 EPS. Equities analysts anticipate that Teck Resources will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Monday, December 15th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 dividend on an annualized basis and a yield of 1.1%. Teck Resources’s payout ratio is presently 20.22%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TECK. Union Bancaire Privee UBP SA grew its holdings in Teck Resources by 4.3% during the 2nd quarter. Union Bancaire Privee UBP SA now owns 6,402 shares of the basic materials company’s stock worth $259,000 after acquiring an additional 264 shares during the last quarter. ASR Vermogensbeheer N.V. lifted its position in shares of Teck Resources by 1.6% during the third quarter. ASR Vermogensbeheer N.V. now owns 16,721 shares of the basic materials company’s stock worth $734,000 after purchasing an additional 270 shares in the last quarter. Stephens Inc. AR grew its stake in shares of Teck Resources by 4.8% during the second quarter. Stephens Inc. AR now owns 7,189 shares of the basic materials company’s stock valued at $290,000 after purchasing an additional 329 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Teck Resources by 69.2% in the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 350 shares in the last quarter. Finally, CWM LLC increased its holdings in shares of Teck Resources by 22.7% in the third quarter. CWM LLC now owns 2,078 shares of the basic materials company’s stock valued at $91,000 after purchasing an additional 384 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

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.