Teck Resources (NYSE:TECK) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a sell rating to a hold rating in a research note issued to investors on Tuesday.

A number of other analysts also recently issued reports on the company. CIBC lifted their price target on Teck Resources from $70.00 to $80.00 and gave the stock an outperformer rating in a report on Friday, July 12th. Paradigm Capital raised Teck Resources to a moderate buy rating in a report on Friday, July 26th. UBS Group raised Teck Resources from a neutral rating to a buy rating and boosted their target price for the company from $76.00 to $78.00 in a report on Wednesday, September 4th. BMO Capital Markets assumed coverage on Teck Resources in a report on Monday, July 15th. They issued an outperform rating for the company. Finally, Morgan Stanley boosted their target price on Teck Resources from $55.00 to $60.00 and gave the company an overweight rating in a report on Friday, June 21st. Three equities research 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 company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $65.00.

Teck Resources Trading Down 0.6 %

NYSE:TECK opened at $46.78 on Tuesday. The firm has a market cap of $23.93 billion, a PE ratio of 20.70 and a beta of 1.01. The stock has a fifty day moving average price of $46.98 and a 200 day moving average price of $47.50. Teck Resources has a 12-month low of $34.38 and a 12-month high of $55.13. The company has a current ratio of 1.48, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. The company 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 revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.91 EPS. Sell-side analysts anticipate that Teck Resources will post 2 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. Investors of record on Friday, September 13th will be given a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 5.34%. The ex-dividend date of this dividend is Friday, September 13th. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is 16.37%.

Hedge Funds Weigh In On Teck Resources

Several institutional investors have recently added to or reduced their stakes in TECK. Hexagon Capital Partners LLC increased its position in Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 386 shares during the period. Creekmur Asset Management LLC acquired a new position in Teck Resources in the 4th quarter valued at about $35,000. Headlands Technologies LLC acquired a new position in Teck Resources in the 2nd quarter valued at about $38,000. Optiver Holding B.V. increased its position in Teck Resources by 81.9% in the 4th quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 438 shares during the period. Finally, Blue Trust Inc. increased its position in Teck Resources by 583.1% in the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after acquiring an additional 898 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Company Profile

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.