Teck Resources Limited (NYSE:TECK) Receives $65.22 Consensus Target Price from Analysts

Shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) have earned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the stock, MarketBeat reports. Five analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $65.22.

A number of equities analysts have issued reports on the company. National Bank Financial lowered Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. lowered their target price on Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. Raymond James cut their price target on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. Finally, Bank of America lifted their price objective on shares of Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, March 10th.

Institutional Trading of Teck Resources

A number of hedge funds have recently modified their holdings of the business. Synergy Asset Management LLC raised its position in Teck Resources by 77.7% during the fourth quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock valued at $685,000 after buying an additional 7,387 shares during the period. Forest Avenue Capital Management LP lifted its position in shares of Teck Resources by 3.7% in the third quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company’s stock worth $37,661,000 after purchasing an additional 25,430 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Teck Resources in the third quarter worth approximately $1,937,000. Intech Investment Management LLC grew its position in Teck Resources by 20.9% during the third quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company’s stock valued at $5,132,000 after purchasing an additional 16,981 shares in the last quarter. Finally, Paloma Partners Management Co acquired a new position in Teck Resources in the 3rd quarter valued at approximately $20,896,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Price Performance

Shares of TECK opened at $39.35 on Friday. Teck Resources has a one year low of $36.54 and a one year high of $55.13. The stock’s fifty day moving average is $41.67 and its 200-day moving average is $44.69. 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 capitalization of $19.80 billion, a price-to-earnings ratio of 71.54 and a beta of 0.93.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. Equities analysts anticipate that Teck Resources will post 1.53 EPS for the current year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.0879 per share. This represents a $0.35 annualized dividend and a yield of 0.89%. The ex-dividend date is Friday, March 14th. Teck Resources’s payout ratio is 61.82%.

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.