Teck Resources Limited (NYSE:TECK) Receives $65.29 Consensus Price Target from Brokerages

Teck Resources Limited (NYSE:TECK) (TSE:TECK) has received an average rating of “Moderate Buy” from the eleven ratings firms that are covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $65.29.

Several brokerages recently commented on TECK. UBS Group downgraded shares of Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Citigroup upgraded shares of Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Scotiabank increased their target price on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a report on Tuesday, October 8th. National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Finally, StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. FMR LLC increased its position in shares of Teck Resources by 72.8% during the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock valued at $189,848,000 after acquiring an additional 1,531,563 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of Teck Resources in the 3rd quarter worth $70,549,000. Principal Financial Group Inc. increased its holdings in shares of Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after purchasing an additional 1,326,241 shares in the last quarter. Holocene Advisors LP raised its stake in shares of Teck Resources by 152.7% in the third quarter. Holocene Advisors LP now owns 2,070,377 shares of the basic materials company’s stock worth $108,156,000 after purchasing an additional 1,251,203 shares during the last quarter. Finally, Cibc World Market Inc. lifted its holdings in shares of Teck Resources by 26.1% during the second quarter. Cibc World Market Inc. now owns 4,779,715 shares of the basic materials company’s stock valued at $228,948,000 after purchasing an additional 989,612 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Price Performance

TECK stock opened at $41.20 on Friday. The firm has a market cap of $20.65 billion, a P/E ratio of 62.43 and a beta of 1.05. The firm’s fifty day moving average is $44.68 and its 200 day moving average is $46.96. Teck Resources has a 52 week low of $36.50 and a 52 week high of $55.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.24. The company had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. Teck Resources’s quarterly revenue was down 20.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.57 EPS. Research analysts predict that Teck Resources will post 1.81 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a dividend of $0.0895 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date of this dividend was Friday, December 13th. Teck Resources’s payout ratio is 56.06%.

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.