Teck Resources (NYSE:TECK) Rating Increased to Buy at UBS Group

UBS Group upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a neutral rating to a buy rating in a report issued on Wednesday morning, Marketbeat.com reports. The brokerage currently has $78.00 price objective on the basic materials company’s stock, up from their previous price objective of $76.00.

Other equities analysts have also issued research reports about the company. Morgan Stanley increased their target price on Teck Resources from $55.00 to $60.00 and gave the stock an overweight rating in a research note on Friday, June 21st. CIBC increased their target price on Teck Resources from $70.00 to $80.00 and gave the stock an outperformer rating in a research note on Friday, July 12th. BMO Capital Markets initiated coverage on Teck Resources in a research note on Monday, July 15th. They set an outperform rating on the stock. Eight Capital lowered Teck Resources from a strong-buy rating to a hold rating in a research note on Thursday, July 11th. Finally, JPMorgan Chase & Co. cut their price target on Teck Resources from $56.00 to $54.00 and set an overweight rating on the stock in a report on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Teck Resources presently has a consensus rating of Moderate Buy and a consensus price target of $65.00.

Teck Resources Stock Performance

Shares of Teck Resources stock opened at $45.07 on Wednesday. Teck Resources has a 52 week low of $34.38 and a 52 week high of $55.13. The business’s fifty day simple moving average is $47.60 and its 200-day simple moving average is $47.07. The firm has a market cap of $23.06 billion, a PE ratio of 19.94 and a beta of 1.01. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.32. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The firm had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the prior year, the company earned $0.91 EPS. Teck Resources’s revenue was up 10.1% on a year-over-year basis. Equities analysts forecast that Teck Resources will post 2.01 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.625 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.55%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is presently 16.37%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TECK. FIL Ltd increased its holdings in shares of Teck Resources by 98.8% in the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after acquiring an additional 5,933,226 shares during the last quarter. Norges Bank purchased a new position in shares of Teck Resources in the 4th quarter valued at about $172,740,000. AMF Tjanstepension AB increased its holdings in shares of Teck Resources by 846.6% in the 2nd quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock valued at $210,034,000 after acquiring an additional 3,919,984 shares during the last quarter. Asia Research & Capital Management Ltd purchased a new position in shares of Teck Resources in the 1st quarter valued at about $158,976,000. Finally, Principal Financial Group Inc. increased its holdings in shares of Teck Resources by 115.4% in the 1st quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock valued at $260,584,000 after acquiring an additional 3,047,570 shares during the last quarter. 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.