Teck Resources Ltd (NYSE:TECK) Given Consensus Rating of “Hold” by Brokerages

Shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) have received a consensus recommendation of “Hold” from the thirteen brokerages that are covering the firm, MarketBeat reports. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $62.25.

TECK has been the topic of several recent research reports. JPMorgan Chase & Co. increased their target price on shares of Teck Resources from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. Wall Street Zen cut shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 26th. Raymond James Financial upgraded shares of Teck Resources from a “market perform” rating to an “outperform” rating in a research note on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Finally, Weiss Ratings upgraded Teck Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 4th.

Teck Resources Trading Down 2.1%

Shares of Teck Resources stock opened at $66.66 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.33 and a current ratio of 3.12. Teck Resources has a fifty-two week low of $31.68 and a fifty-two week high of $71.93. The company has a fifty day moving average of $62.20 and a 200 day moving average of $59.79. The company has a market capitalization of $32.19 billion, a P/E ratio of 18.07, a P/E/G ratio of 2.45 and a beta of 0.94.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.40. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%.The company had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the company earned $0.38 earnings per share. The firm’s revenue was up 78.2% on a year-over-year basis. On average, sell-side analysts anticipate that Teck Resources will post 3.48 earnings per share for the current fiscal year.

Teck Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. Teck Resources’s payout ratio is 9.76%.

Institutional Investors Weigh In On Teck Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Teck Resources during the 4th quarter valued at approximately $404,880,000. Wellington Management Group LLP increased its stake in Teck Resources by 264.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock worth $253,695,000 after buying an additional 4,194,868 shares in the last quarter. Pentwater Capital Management LP raised its holdings in shares of Teck Resources by 124.1% during the fourth quarter. Pentwater Capital Management LP now owns 6,500,000 shares of the basic materials company’s stock valued at $311,285,000 after acquiring an additional 3,600,000 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Teck Resources during the fourth quarter valued at approximately $169,999,000. Finally, Principal Financial Group Inc. lifted its position in shares of Teck Resources by 17.1% in the first quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock valued at $1,139,051,000 after acquiring an additional 3,211,985 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Company Profile

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.