Teck Resources (NYSE:TECK) Upgraded by UBS Group to “Buy”

UBS Group upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a neutral rating to a buy rating in a research note released on Wednesday morning, MarketBeat Ratings reports. UBS Group currently has $78.00 price objective on the basic materials company’s stock, up from their prior price objective of $76.00.

Several other research analysts have also weighed in on TECK. Benchmark reaffirmed a buy rating and issued a $55.00 target price on shares of Teck Resources in a research report on Thursday, July 25th. Morgan Stanley upped their target price on shares of Teck Resources from $55.00 to $60.00 and gave the company an overweight rating in a research note on Friday, June 21st. Eight Capital downgraded Teck Resources from a strong-buy rating to a hold rating in a report on Thursday, July 11th. TD Securities raised shares of Teck Resources to a strong-buy rating in a research report on Tuesday, July 16th. Finally, BMO Capital Markets started coverage on Teck Resources in a research report on Monday, July 15th. They set an outperform rating on the stock. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $65.00.

Teck Resources Trading Down 2.7 %

NYSE:TECK opened at $43.49 on Wednesday. Teck Resources has a 1 year low of $34.38 and a 1 year high of $55.13. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. The stock has a fifty day moving average price of $47.45 and a two-hundred day moving average price of $47.08. The stock has a market capitalization of $22.25 billion, a price-to-earnings ratio of 19.24 and a beta of 1.01.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.32. The firm had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. Teck Resources’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the business posted $0.91 EPS. As a group, sell-side analysts anticipate that Teck Resources will post 2.01 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 5.75%. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, September 13th. Teck Resources’s dividend payout ratio (DPR) is currently 16.37%.

Hedge Funds Weigh In On Teck Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Teck Resources by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after purchasing an additional 290,034 shares during the last quarter. FIL Ltd boosted its position in shares of Teck Resources by 98.8% during the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after purchasing an additional 5,933,226 shares in the last quarter. Boston Partners grew its stake in Teck Resources by 28.8% in the fourth quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock valued at $484,995,000 after acquiring an additional 2,432,378 shares during the period. Janus Henderson Group PLC grew its position in shares of Teck Resources by 2.4% in the 1st quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock valued at $394,178,000 after purchasing an additional 203,607 shares during the period. Finally, CIBC Asset Management Inc increased its position in shares of Teck Resources by 2.8% during the fourth quarter. CIBC Asset Management Inc now owns 6,388,652 shares of the basic materials company’s stock worth $270,918,000 after acquiring an additional 174,492 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

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.