Canaccord Genuity Raises Teck Resources (NYSE:TECK) Price Target to $22.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price boosted by Canaccord Genuity from $20.00 to $22.00 in a research note published on Wednesday morning, The Fly reports. They currently have a buy rating on the basic materials company’s stock.

A number of other brokerages have also weighed in on TECK. Credit Suisse Group lifted their target price on shares of Teck Resources from $25.00 to $26.00 and gave the company an outperform rating in a research note on Friday, July 24th. Morgan Stanley boosted their price objective on shares of Teck Resources from $12.50 to $17.00 and gave the stock an overweight rating in a research note on Thursday, September 24th. Royal Bank of Canada reaffirmed a buy rating and set a $20.00 target price on shares of Teck Resources in a research note on Monday, June 29th. Deutsche Bank Aktiengesellschaft boosted their price target on Teck Resources from $14.00 to $17.00 and gave the stock a buy rating in a research report on Thursday, October 1st. Finally, TD Securities raised Teck Resources to a buy rating in a research report on Wednesday, September 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $19.77.

Shares of TECK opened at $13.55 on Wednesday. The firm’s 50-day moving average price is $13.29 and its 200-day moving average price is $10.64. The firm has a market capitalization of $7.09 billion, a price-to-earnings ratio of -9.96, a PEG ratio of 6.44 and a beta of 1.53. The company has a current ratio of 1.52, a quick ratio of 0.64 and a debt-to-equity ratio of 0.28. Teck Resources has a 1-year low of $5.60 and a 1-year high of $17.77.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, July 23rd. The basic materials company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.20. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. Teck Resources had a negative net margin of 10.04% and a positive return on equity of 3.65%. The company’s revenue for the quarter was down 45.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.81 EPS. On average, research analysts forecast that Teck Resources will post 0.61 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were issued a $0.037 dividend. This is a positive change from Teck Resources’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend was Monday, September 14th. This represents a $0.15 dividend on an annualized basis and a dividend yield of 1.09%. Teck Resources’s dividend payout ratio (DPR) is presently 6.76%.

Several institutional investors have recently bought and sold shares of TECK. BNP Paribas Arbitrage SA increased its holdings in shares of Teck Resources by 94,940.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,752 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 4,747 shares in the last quarter. Advisor Group Holdings Inc. bought a new stake in shares of Teck Resources in the 1st quarter worth $83,000. Wells Fargo & Company MN increased its holdings in shares of Teck Resources by 16.0% in the 1st quarter. Wells Fargo & Company MN now owns 12,540 shares of the basic materials company’s stock worth $95,000 after purchasing an additional 1,729 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Teck Resources by 122.0% in the 2nd quarter. Signaturefd LLC now owns 9,848 shares of the basic materials company’s stock worth $103,000 after buying an additional 5,411 shares during the last quarter. Finally, Water Island Capital LLC purchased a new position in shares of Teck Resources in the 2nd quarter worth $104,000. 45.84% of the stock is owned by institutional investors and hedge funds.

About Teck Resources

Teck Resources Limited researches, explores for, develops, and produces natural resources in the Asia Pacific, the Americas, and Europe. It operates through five segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate. The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.

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