Teck Resources (NYSE:TECK) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) to a buy rating in a research report report published on Saturday.

A number of other analysts have also weighed in on TECK. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research note on Tuesday, April 14th. JPMorgan Chase & Co. raised their target price on Teck Resources from $45.00 to $48.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Truist Financial set a $67.00 target price on Teck Resources in a research note on Monday, February 23rd. UBS Group restated a “buy” rating on shares of Teck Resources in a research note on Tuesday, January 27th. Finally, Citigroup upgraded Teck Resources from a “neutral” rating to a “buy” rating in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $59.17.

Teck Resources Trading Down 6.3%

Shares of TECK opened at $61.26 on Friday. Teck Resources has a 1 year low of $30.98 and a 1 year high of $67.67. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $55.38 and a 200-day simple moving average of $51.23. The stock has a market cap of $29.53 billion, a PE ratio of 22.44, a PEG ratio of 4.49 and a beta of 0.86.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, February 19th. The basic materials company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.59 by $0.39. Teck Resources had a return on equity of 7.94% and a net margin of 14.91%.The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the previous year, the business earned $0.45 EPS. Teck Resources’s revenue was up 9.8% compared to the same quarter last year. On average, sell-side analysts predict that Teck Resources will post 2.68 EPS for the current fiscal year.

Teck Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, June 15th. Teck Resources’s dividend payout ratio (DPR) is 13.55%.

Institutional Investors Weigh In On Teck Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. Brown Brothers Harriman & Co. acquired a new stake in shares of Teck Resources in the 4th quarter valued at $25,000. Geneos Wealth Management Inc. increased its stake in shares of Teck Resources by 117.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock valued at $29,000 after buying an additional 303 shares during the period. Blue Trust Inc. increased its stake in shares of Teck Resources by 411.8% in the 1st quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock valued at $29,000 after buying an additional 453 shares during the period. Versant Capital Management Inc acquired a new stake in shares of Teck Resources in the 3rd quarter valued at $26,000. Finally, Smartleaf Asset Management LLC increased its stake in shares of Teck Resources by 72.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock valued at $37,000 after buying an additional 351 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.