Analysts Set Teck Resources Limited (NYSE:TECK) Price Target at $65.29

Teck Resources Limited (NYSE:TECK) (TSE:TECK) has earned an average rating of “Moderate Buy” from the eleven analysts that are covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $65.29.

A number of brokerages have recently issued reports on TECK. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Citigroup upgraded Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Scotiabank boosted their price objective on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research report on Friday, October 25th. Finally, StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th.

Hedge Funds Weigh In On Teck Resources

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its position in Teck Resources by 21.7% in 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 last quarter. CIBC Asset Management Inc lifted its stake in Teck Resources by 2.6% in the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock worth $341,337,000 after purchasing an additional 165,759 shares during the last quarter. Mackenzie Financial Corp boosted its position in shares of Teck Resources by 10.3% during the second quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock valued at $280,655,000 after buying an additional 546,801 shares during the period. Cibc World Market Inc. grew its stake 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 buying an additional 989,612 shares during the last quarter. Finally, AMF Tjanstepension AB raised its holdings in shares of Teck Resources by 3.9% in the third quarter. AMF Tjanstepension AB now owns 4,552,507 shares of the basic materials company’s stock worth $238,055,000 after buying an additional 169,476 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Down 0.6 %

NYSE:TECK opened at $41.20 on Friday. The firm has a market capitalization of $20.65 billion, a price-to-earnings ratio of 62.43 and a beta of 1.05. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The business has a fifty day moving average price of $44.68 and a 200-day moving average price of $46.96. Teck Resources has a one year low of $36.50 and a one year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. The firm had revenue of $2.86 billion for 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%. The business’s quarterly revenue was down 20.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 EPS. Sell-side analysts forecast that Teck Resources will post 1.81 EPS for the current year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were issued a $0.0895 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date 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.