Brokerages Set Teck Resources Limited (NYSE:TECK) Price Target at $65.22

Teck Resources Limited (NYSE:TECK) (TSE:TECK) has been given a consensus recommendation of “Moderate Buy” by the thirteen ratings firms that are covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $65.22.

TECK has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. National Bank Financial lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Bank of America upped their target price on shares of Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Finally, Raymond James dropped their target price on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd.

Teck Resources Stock Performance

NYSE:TECK opened at $41.53 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The company has a fifty day moving average of $41.79 and a two-hundred day moving average of $44.78. The stock has a market capitalization of $20.90 billion, a PE ratio of 75.50 and a beta of 0.93. Teck Resources has a fifty-two week low of $36.54 and a fifty-two week high of $55.13.

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

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.0879 dividend. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend is Friday, March 14th. Teck Resources’s dividend payout ratio is currently 61.82%.

Institutional Investors Weigh In On Teck Resources

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Teck Resources by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 19,316,132 shares of the basic materials company’s stock valued at $783,153,000 after purchasing an additional 58,985 shares during the period. Amundi grew its holdings in shares of Teck Resources by 5.6% in the fourth quarter. Amundi now owns 14,949,233 shares of the basic materials company’s stock valued at $619,765,000 after purchasing an additional 791,725 shares during the period. Norges Bank purchased a new stake in shares of Teck Resources in the fourth quarter valued at about $470,101,000. Invesco Ltd. boosted its stake in Teck Resources by 4.7% during the fourth quarter. Invesco Ltd. now owns 7,711,727 shares of the basic materials company’s stock worth $312,556,000 after buying an additional 347,235 shares during the period. Finally, Principal Financial Group Inc. boosted its stake 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 worth $388,507,000 after buying an additional 1,326,241 shares during the period. Hedge funds and other institutional investors 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.