Teck Resources Ltd (NYSE:TECK) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• Teck Resources has received a consensus recommendation of "Moderate Buy" from analysts, with an average price target of $56.875.
• The company reported $0.27 earnings per share for the last quarter, exceeding estimates of $0.20, despite a revenue of $1.49 billion falling short of expectations.
• Teck Resources recently increased its quarterly dividend to $0.0918 per share, marking a rise from the previous dividend of $0.09.

Teck Resources Ltd (NYSE:TECK - Get Free Report) TSE: TECK has been given an average recommendation of "Moderate Buy" by the twenty brokerages that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $56.8750.

A number of brokerages have weighed in on TECK. Morgan Stanley downgraded Teck Resources from an "overweight" rating to an "equal weight" rating and increased their price target for the stock from $42.00 to $44.00 in a report on Tuesday, July 15th. Benchmark decreased their target price on Teck Resources from $55.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, July 28th. Royal Bank Of Canada dropped their price target on Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a research note on Friday, July 25th. JPMorgan Chase & Co. restated a "neutral" rating and set a $41.00 price target (down from $46.00) on shares of Teck Resources in a report on Friday, July 25th. Finally, UBS Group upgraded shares of Teck Resources from a "neutral" rating to a "buy" rating in a research note on Wednesday, September 3rd.

Teck Resources Stock Down 0.4%

Shares of NYSE TECK opened at $43.06 on Tuesday. The company's 50 day moving average price is $36.20 and its 200-day moving average price is $36.53. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47. Teck Resources has a 52-week low of $28.32 and a 52-week high of $51.80. The company has a market capitalization of $20.68 billion, a P/E ratio of 113.32, a price-to-earnings-growth ratio of 0.54 and a beta of 0.92.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.07. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The company had revenue of $1.49 billion during the quarter, compared to analysts' expectations of $2.25 billion. During the same period in the prior year, the company posted $0.79 earnings per share. Teck Resources's revenue for the quarter was up 12.3% compared to the same quarter last year. Equities analysts forecast that Teck Resources will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were paid a $0.0918 dividend. This represents a $0.37 annualized dividend and a yield of 0.9%. This is an increase from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Monday, September 15th. Teck Resources's payout ratio is presently 94.74%.

Institutional Trading of Teck Resources

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Teck Resources by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 19,531,542 shares of the basic materials company's stock worth $711,475,000 after buying an additional 215,410 shares during the period. Principal Financial Group Inc. grew its position in Teck Resources by 56.9% in the 1st quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company's stock valued at $419,970,000 after purchasing an additional 4,180,623 shares during the period. Norges Bank bought a new stake in Teck Resources during the 2nd quarter valued at $437,657,000. Boston Partners raised its holdings in Teck Resources by 1.2% during the second quarter. Boston Partners now owns 9,365,206 shares of the basic materials company's stock worth $378,167,000 after buying an additional 113,431 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its stake in shares of Teck Resources by 32.7% in the second quarter. Mackenzie Financial Corp now owns 7,989,715 shares of the basic materials company's stock valued at $323,311,000 after buying an additional 1,969,286 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.