Teck Resources (NYSE:TECK) Price Target Raised to $51.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price target increased by JPMorgan Chase & Co. from $43.00 to $51.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the basic materials company’s stock.

Other equities research analysts have also recently issued reports about the stock. Veritas cut shares of Teck Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Canaccord Genuity Group downgraded shares of Teck Resources from a “buy” rating to a “hold” rating in a report on Wednesday, October 8th. Scotiabank reissued a “sector perform” rating on shares of Teck Resources in a research note on Tuesday, November 25th. UBS Group upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 3rd. Finally, Benchmark reaffirmed a “buy” rating on shares of Teck Resources in a report on Thursday, October 23rd. One equities research 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 stock. According to data from MarketBeat.com, Teck Resources currently has an average rating of “Hold” and a consensus price target of $55.71.

Teck Resources Stock Performance

TECK opened at $45.10 on Friday. The business has a 50 day moving average price of $42.62 and a two-hundred day moving average price of $38.83. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.78 and a quick ratio of 2.08. The company has a market capitalization of $21.68 billion, a price-to-earnings ratio of 25.33, a price-to-earnings-growth ratio of 0.65 and a beta of 0.83. Teck Resources has a 1-year low of $28.32 and a 1-year high of $47.85.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Wednesday, October 22nd. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.16. The company had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.93 billion. Teck Resources had a return on equity of 4.14% and a net margin of 11.93%.The company’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.60 EPS. Research analysts predict that Teck Resources will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

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

Institutional Investors Weigh In On Teck Resources

Several hedge funds have recently bought and sold shares of the business. LPL Financial LLC increased its holdings in shares of Teck Resources by 5.2% in the 1st quarter. LPL Financial LLC now owns 160,256 shares of the basic materials company’s stock valued at $5,838,000 after purchasing an additional 7,929 shares during the period. US Bancorp DE grew its position in Teck Resources by 5.6% during the first quarter. US Bancorp DE now owns 21,922 shares of the basic materials company’s stock valued at $799,000 after purchasing an additional 1,162 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Teck Resources by 9.0% during the first quarter. PNC Financial Services Group Inc. now owns 12,674 shares of the basic materials company’s stock valued at $462,000 after purchasing an additional 1,042 shares in the last quarter. Vanguard Group Inc. increased its stake in Teck Resources by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 19,531,542 shares of the basic materials company’s stock valued at $711,475,000 after buying an additional 215,410 shares during the period. Finally, ASR Vermogensbeheer N.V. purchased a new stake in Teck Resources in the 1st quarter worth approximately $599,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Company Profile

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.