Teck Resources Ltd (NYSE:TECK) Stock Has Consensus Price Target of $62.25

Key Points

• Analysts maintain a “Moderate Buy” consensus on Teck Resources, with six buy ratings and six holds. The average 12-month price target is $62.25.
• Institutional investors own 78.06% of the company, with several major funds increasing their positions, including HBK Investments, Principal Financial Group and Arrowstreet Capital.
• Teck Resources reported quarterly EPS of $1.35, exceeding the $0.95 consensus estimate, while revenue rose 78.2% year over year to $2.54 billion. The company also declared a C$0.12 quarterly dividend, representing a 0.8% yield.

Teck Resources Ltd (NYSE:TECK - Get Free Report) TSE: TECK has earned an average recommendation of "Moderate Buy" from the twelve brokerages that are covering the stock, Marketbeat reports. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $62.25.

TECK has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on Teck Resources from $64.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. upped their target price on Teck Resources from $46.00 to $47.00 and gave the stock a "neutral" rating in a report on Tuesday, July 28th. Wall Street Zen downgraded Teck Resources from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 26th. Weiss Ratings raised Teck Resources from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Finally, Raymond James Financial upgraded Teck Resources from a "market perform" rating to an "outperform" rating in a research note on Thursday, July 23rd.

Institutional Investors Weigh In On Teck Resources

Several hedge funds have recently modified their holdings of TECK. Principal Financial Group Inc. lifted its holdings in Teck Resources by 17.1% during the first quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company's stock worth $1,139,051,000 after buying an additional 3,211,985 shares during the period. HBK Investments L P raised its holdings in 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 purchasing an additional 4,188,029 shares in the last quarter. Temasek Holdings Private Ltd lifted its position in shares of Teck Resources by 7.1% during the first quarter. Temasek Holdings Private Ltd now owns 5,685,453 shares of the basic materials company's stock valued at $294,015,000 after buying an additional 378,069 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Teck Resources by 48.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,270,386 shares of the basic materials company's stock valued at $272,955,000 after buying an additional 1,720,066 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Teck Resources by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 5,185,349 shares of the basic materials company's stock valued at $268,261,000 after buying an additional 28,531 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Trading Down 1.7%

TECK stock opened at $64.59 on Friday. The company has a market capitalization of $31.21 billion, a PE ratio of 17.51, a P/E/G ratio of 2.11 and a beta of 1.01. Teck Resources has a 12 month low of $38.00 and a 12 month high of $72.56. The firm's 50-day moving average is $66.93 and its 200 day moving average is $62.68. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 2.33.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.40. Teck Resources had a net margin of 17.85% and a return on equity of 10.42%. The company had revenue of $2.54 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same period in the previous year, the company earned $0.38 EPS. The firm's quarterly revenue was up 78.2% on a year-over-year basis. On average, research analysts anticipate that Teck Resources will post 4.28 EPS for the current year.

Teck Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were issued a C$0.12 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. Teck Resources's payout ratio is currently 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.

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