Teck Resources (NYSE:TECK) Price Target Raised to $79.00 at Scotiabank

Teck Resources (NYSE:TECK) (TSE:TECK) had its price objective raised by Scotiabank from $78.00 to $79.00 in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a sector outperform rating on the basic materials company’s stock.

A number of other equities analysts have also issued reports on the stock. Citigroup upgraded shares of Teck Resources to a hold rating in a research report on Wednesday, October 2nd. UBS Group raised shares of Teck Resources from a neutral rating to a buy rating and raised their price objective for the stock from $76.00 to $78.00 in a research report on Wednesday, September 4th. StockNews.com raised shares of Teck Resources from a sell rating to a hold rating in a report on Monday. JPMorgan Chase & Co. lowered 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. Finally, Morgan Stanley upped their price objective on Teck Resources from $55.00 to $60.00 and gave the company an overweight rating in a research note on Friday, June 21st. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Teck Resources currently has an average rating of Moderate Buy and an average price target of $67.00.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $48.59 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. Teck Resources has a 12 month low of $34.38 and a 12 month high of $55.13. The firm has a market capitalization of $24.72 billion, a P/E ratio of 21.50 and a beta of 1.02. The company’s fifty day moving average price is $47.85 and its 200 day moving average price is $48.40.

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 for the quarter, beating the consensus estimate of $0.47 by $0.32. The business 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%. The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.91 EPS. As a group, sell-side analysts predict that Teck Resources will post 2 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 5.15%. The ex-dividend date of this dividend was Friday, September 13th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is currently 16.37%.

Institutional Investors Weigh In On Teck Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of TECK. Hexagon Capital Partners LLC increased its holdings in shares of 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 purchasing an additional 386 shares in the last quarter. Creekmur Asset Management LLC acquired a new position in Teck Resources during the fourth quarter worth about $35,000. Headlands Technologies LLC purchased a new position in Teck Resources in the second quarter valued at about $38,000. Bruce G. Allen Investments LLC lifted its position in shares of Teck Resources by 77.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after acquiring an additional 383 shares during the period. Finally, Blue Trust Inc. boosted its stake in shares of Teck Resources by 583.1% during the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after acquiring an additional 898 shares in the last quarter. 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.