Teck Resources (NYSE:TECK) Coverage Initiated by Analysts at BMO Capital Markets

BMO Capital Markets assumed coverage on shares of Teck Resources (NYSE:TECK) (TSE:TECK) in a research note issued to investors on Wednesday morning, Marketbeat.com reports. The brokerage issued an outperform rating on the basic materials company’s stock.

Several other research firms also recently commented on TECK. UBS Group reiterated a “neutral” rating on shares of Teck Resources in a report on Tuesday. Bank of America boosted their price objective on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, March 10th. Desjardins assumed coverage on shares of Teck Resources in a report on Friday, April 4th. They issued a “buy” rating on the stock. Raymond James decreased their target price on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. dropped their price target on Teck Resources from $50.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $64.11.

Teck Resources Stock Down 1.2 %

NYSE:TECK opened at $33.42 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The firm has a market cap of $16.54 billion, a P/E ratio of 60.76 and a beta of 0.81. Teck Resources has a fifty-two week low of $28.32 and a fifty-two week high of $55.13. The firm has a 50-day simple moving average of $38.81 and a two-hundred day simple moving average of $43.08.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.58 billion. Analysts predict that Teck Resources will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.0879 per share. This represents a $0.35 annualized dividend and a yield of 1.05%. The ex-dividend date was Friday, March 14th. Teck Resources’s dividend payout ratio (DPR) is presently 61.82%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Stonebridge Financial Group LLC purchased a new position in shares of Teck Resources in the fourth quarter worth $25,000. FPC Investment Advisory Inc. purchased a new stake in shares of Teck Resources during the 4th quarter worth approximately $27,000. Global Trust Asset Management LLC purchased a new position in shares of Teck Resources in the fourth quarter valued at $27,000. Wilmington Savings Fund Society FSB bought a new stake in Teck Resources in the third quarter worth $40,000. Finally, Community Bank N.A. purchased a new stake in Teck Resources during the fourth quarter valued at $33,000. 78.06% of the stock is currently owned by institutional investors.

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.