Analysts Set Teck Resources Limited (NYSE:TECK) PT at $64.11

Teck Resources Limited (NYSE:TECK) (TSE:TECK) has been given an average rating of “Moderate Buy” by the sixteen brokerages that are presently covering the company, MarketBeat reports. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $64.11.

Several research firms have weighed in on TECK. Desjardins assumed coverage on shares of Teck Resources in a research note on Friday, April 4th. They issued a “buy” rating for the company. BMO Capital Markets assumed coverage on Teck Resources in a research report on Wednesday. They issued an “outperform” rating for the company. UBS Group reiterated a “neutral” rating on shares of Teck Resources in a report on Tuesday. National Bankshares restated a “sector perform” rating on shares of Teck Resources in a report on Wednesday, April 2nd. Finally, Raymond James reduced their price target on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd.

Teck Resources Stock Performance

NYSE:TECK opened at $32.90 on Tuesday. The stock’s 50-day moving average is $38.60 and its 200-day moving average is $42.95. Teck Resources has a 1-year low of $28.32 and a 1-year high of $55.13. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The stock has a market cap of $16.28 billion, a P/E ratio of 59.82 and a beta of 0.81.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. Equities research analysts anticipate that Teck Resources will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.0879 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.35 annualized dividend and a yield of 1.07%. Teck Resources’s payout ratio is presently 61.82%.

Institutional Trading of Teck Resources

Several institutional investors and hedge funds have recently made changes to their positions in TECK. Principal Financial Group Inc. raised its position in Teck Resources by 21.7% during the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after purchasing an additional 1,326,241 shares in the last quarter. State Street Corp purchased a new position in shares of Teck Resources during the 3rd quarter valued at about $2,500,000. Wellington Management Group LLP lifted its position in Teck Resources by 70.1% in the 3rd quarter. Wellington Management Group LLP now owns 104,301 shares of the basic materials company’s stock worth $5,452,000 after buying an additional 42,982 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Teck Resources in the third quarter worth approximately $1,937,000. Finally, Geode Capital Management LLC grew its position in Teck Resources by 11.3% during the third quarter. Geode Capital Management LLC now owns 2,078,789 shares of the basic materials company’s stock valued at $109,753,000 after acquiring an additional 211,856 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

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.