Teck Resources (NYSE:TECK) Given "Overweight" Rating at Morgan Stanley

Morgan Stanley reissued their overweight rating on shares of Teck Resources (NYSE:TECK - Free Report) TSE: TECK in a report issued on Thursday morning, Benzinga reports. The brokerage currently has a $55.00 target price on the basic materials company's stock.

Several other research analysts also recently commented on TECK. UBS Group started coverage on Teck Resources in a research note on Tuesday, January 16th. They issued a buy rating on the stock. Benchmark raised their price objective on Teck Resources from $50.00 to $52.00 and gave the stock a buy rating in a research note on Monday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Teck Resources currently has an average rating of Moderate Buy and an average target price of $65.21.

Teck Resources Stock Performance

Shares of NYSE:TECK traded down $0.81 during midday trading on Thursday, reaching $48.57. 4,055,427 shares of the company's stock traded hands, compared to its average volume of 3,941,193. The company has a market cap of $24.79 billion, a price-to-earnings ratio of 14.20, a P/E/G ratio of 6.02 and a beta of 1.15. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.60 and a current ratio of 1.10. Teck Resources has a one year low of $34.38 and a one year high of $50.30. The stock has a 50 day moving average of $41.74 and a 200 day moving average of $39.85.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.01. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. The firm had revenue of $3.02 billion for the quarter, compared to the consensus estimate of $3.11 billion. As a group, equities research analysts anticipate that Teck Resources will post 3.77 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.0925 dividend. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend was Thursday, March 14th. Teck Resources's dividend payout ratio (DPR) is 10.79%.

Hedge Funds Weigh In On Teck Resources

A number of institutional investors and hedge funds have recently modified their holdings of TECK. Money Concepts Capital Corp bought a new stake in shares of Teck Resources during the 4th quarter worth approximately $29,000. Baystate Wealth Management LLC bought a new stake in shares of Teck Resources during the 3rd quarter worth approximately $31,000. Creekmur Asset Management LLC bought a new stake in shares of Teck Resources during the 4th quarter worth approximately $35,000. JFS Wealth Advisors LLC lifted its stake in shares of Teck Resources by 249.0% during the 3rd quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company's stock worth $36,000 after acquiring an additional 600 shares during the last quarter. Finally, Achmea Investment Management B.V. bought a new stake in shares of Teck Resources during the 1st quarter worth approximately $37,000. Hedge funds and other institutional investors own 78.06% of the company's stock.

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.