Zacks Investment Research upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a hold rating to a buy rating in a research report report published on Friday morning, Zacks.com reports. The firm currently has $24.00 target price on the basic materials company’s stock.
According to Zacks, “Teck Resources Limited is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. It is a world leader in the production of copper, metallurgical coal and zinc, a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets. Headquartered in Vancouver, Canada, the company has expertise across the full range of activities related to mining, including exploration, development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. The Company is actively exploring in countries throughout the Americas, Asia Pacific, Europe and Africa. Teck Resources Limited, formerly Teck Cominco Limited, is headquartered in Vancouver, Canada. “
A number of other research firms also recently weighed in on TECK. Barclays set a $192.00 target price on Tesla and gave the company a sell rating in a research report on Tuesday, April 9th. MKM Partners reiterated a buy rating and set a $28.00 target price (up from $26.00) on shares of Teck Resources in a research report on Wednesday, April 24th. Macquarie started coverage on Lundin Mining in a research report on Wednesday, July 10th. They set a neutral rating for the company. ValuEngine cut Welbilt from a hold rating to a sell rating in a report on Wednesday, June 12th. Finally, Raymond James reissued a buy rating on shares of Teck Resources in a report on Thursday, April 4th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Teck Resources presently has a consensus rating of Buy and an average target price of $29.14.
NYSE:TECK opened at $21.79 on Friday. The firm’s fifty day moving average is $21.78. The company has a market cap of $12.27 billion, a P/E ratio of 6.94 and a beta of 1.37. The company has a current ratio of 2.95, a quick ratio of 2.06 and a debt-to-equity ratio of 0.23. Teck Resources has a fifty-two week low of $18.17 and a fifty-two week high of $26.40.
Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Tuesday, April 23rd. The basic materials company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.01. The firm had revenue of $2.34 billion during the quarter, compared to the consensus estimate of $2.24 billion. Teck Resources had a return on equity of 9.59% and a net margin of 23.71%. During the same period in the prior year, the company posted $1.31 EPS. On average, analysts expect that Teck Resources will post 2.95 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.037 dividend. The ex-dividend date was Thursday, June 13th. This represents a $0.15 dividend on an annualized basis and a yield of 0.68%. Teck Resources’s payout ratio is presently 4.78%.
Several hedge funds have recently modified their holdings of the company. Shell Asset Management Co. increased its stake in shares of Teck Resources by 1.1% in the first quarter. Shell Asset Management Co. now owns 45,078 shares of the basic materials company’s stock valued at $1,043,000 after buying an additional 500 shares during the period. JCIC Asset Management Inc. increased its stake in shares of Teck Resources by 0.3% in the first quarter. JCIC Asset Management Inc. now owns 294,008 shares of the basic materials company’s stock valued at $6,810,000 after buying an additional 960 shares during the period. Gotham Asset Management LLC increased its stake in shares of Teck Resources by 15.5% in the fourth quarter. Gotham Asset Management LLC now owns 12,749 shares of the basic materials company’s stock valued at $275,000 after buying an additional 1,711 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Teck Resources by 35.4% in the first quarter. Quadrant Capital Group LLC now owns 7,388 shares of the basic materials company’s stock valued at $168,000 after buying an additional 1,931 shares during the period. Finally, Optima Fund Management LLC increased its stake in shares of Teck Resources by 3.7% in the first quarter. Optima Fund Management LLC now owns 64,280 shares of the basic materials company’s stock valued at $1,490,000 after buying an additional 2,280 shares during the period. 55.23% of the stock is owned by institutional investors.
About Teck Resources
Teck Resources Limited researches, explores for, develops, and produces natural resources in the Asia Pacific, the Americas, and Europe. It operates through five segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate. The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.
Featured Story: How does inflation affect different investments?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Teck Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teck Resources and related companies with MarketBeat.com's FREE daily email newsletter.