Teck Resources Ltd (NYSE:TECK) Receives $59.17 Consensus Price Target from Brokerages

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) has been assigned a consensus recommendation of “Hold” from the nineteen brokerages that are presently covering the stock, Marketbeat reports. Fourteen analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $59.1667.

Several analysts have weighed in on the company. Zacks Research downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 22nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Teck Resources in a research note on Friday, May 15th. Weiss Ratings upgraded Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, April 24th. Benchmark boosted their price target on Teck Resources from $48.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, February 23rd. Finally, Truist Financial set a $67.00 target price on Teck Resources in a research note on Monday, February 23rd.

Institutional Trading of Teck Resources

Hedge funds have recently modified their holdings of the stock. Brown Brothers Harriman & Co. purchased a new stake in shares of Teck Resources in the fourth quarter worth about $25,000. Geneos Wealth Management Inc. boosted its stake in shares of Teck Resources by 117.4% in the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock worth $29,000 after buying an additional 303 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Teck Resources by 411.8% in the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock worth $29,000 after buying an additional 453 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Teck Resources by 72.4% in the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after buying an additional 351 shares during the last quarter. Finally, Oslo Pensjonsforsikring AS purchased a new stake in shares of Teck Resources in the first quarter worth about $83,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Up 1.3%

Teck Resources stock opened at $66.99 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.16 and a current ratio of 2.83. The business’s 50-day simple moving average is $61.49 and its two-hundred day simple moving average is $54.78. The company has a market cap of $32.30 billion, a PE ratio of 24.54, a PEG ratio of 4.01 and a beta of 0.89. Teck Resources has a fifty-two week low of $30.98 and a fifty-two week high of $71.25.

Teck Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.125 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.7%. Teck Resources’s dividend payout ratio is presently 13.19%.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.