Teck Resources Ltd (NYSE:TECK) Stock Has Average Target Price of $62.25 According to Analysts

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) has been given an average recommendation of “Hold” by the thirteen research firms that are covering the stock, Marketbeat.com reports. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $62.25.

A number of research analysts recently issued reports on TECK shares. Veritas downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 4th. Deutsche Bank Aktiengesellschaft increased their price target on Teck Resources from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. lifted their price objective on Teck Resources from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, July 28th. Raymond James Financial raised Teck Resources from a “market perform” rating to an “outperform” rating in a report on Thursday, July 23rd. Finally, Weiss Ratings upgraded Teck Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 4th.

Institutional Investors Weigh In On Teck Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in shares of Teck Resources by 17.1% in the 1st quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock valued at $1,139,051,000 after purchasing an additional 3,211,985 shares during the period. Hancock Prospecting Pty Ltd grew its position in Teck Resources by 31.7% during the fourth quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock valued at $493,185,000 after buying an additional 2,477,344 shares during the period. Norges Bank purchased a new position in Teck Resources in the fourth quarter valued at $404,880,000. Goldman Sachs Group Inc. increased its holdings in Teck Resources by 11.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 7,939,413 shares of the basic materials company’s stock valued at $380,218,000 after buying an additional 836,879 shares in the last quarter. Finally, HBK Investments L P raised its position in shares of Teck Resources by 264.2% in the second quarter. HBK Investments L P now owns 5,773,121 shares of the basic materials company’s stock worth $343,270,000 after acquiring an additional 4,188,029 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $65.02 on Tuesday. Teck Resources has a twelve month low of $38.00 and a twelve month high of $72.56. The company has a current ratio of 3.12, a quick ratio of 2.33 and a debt-to-equity ratio of 0.12. The company has a market cap of $31.40 billion, a PE ratio of 17.62, a price-to-earnings-growth ratio of 2.03 and a beta of 0.94. The company’s 50 day moving average is $65.51 and its 200 day moving average is $61.10.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $1.35 EPS for the quarter, beating the consensus estimate of $0.95 by $0.40. The business had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Teck Resources had a net margin of 17.85% and a return on equity of 10.42%. The business’s quarterly revenue was up 78.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.38 EPS. On average, sell-side analysts forecast that Teck Resources will post 4.07 EPS for the current year.

Teck Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a C$0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.50 dividend on an annualized basis and a yield of 0.8%. Teck Resources’s payout ratio is presently 9.76%.

About Teck Resources

Teck Resources Limited is a Canadian mining and metals company headquartered in Vancouver, British Columbia. The company focuses primarily on the exploration, development and production of copper and zinc, which are used in construction, infrastructure, manufacturing and the global energy transition.

Teck’s copper operations include the Highland Valley Copper mine in British Columbia, the Carmen de Andacollo mine in Chile and the Quebrada Blanca operation in northern Chile. Its zinc business includes the Red Dog mine in Alaska, one of the world’s significant zinc-producing operations.