Teck Resources Ltd (NYSE:TECK) Receives $56.88 Consensus Target Price from Brokerages

Key Points

• Teck Resources Ltd (NYSE:TECK) has received a consensus recommendation of "Moderate Buy" from twenty brokerages, with an average twelve-month price target of $56.88.
• The company recently increased its quarterly dividend to $0.0918 per share, representing a 0.9% yield, reflecting a dividend payout ratio of 94.74%.
• Teck Resources' stock was reported at $41.69, up 3.1%, with a 12-month price range between $28.32 and $54.13.

Teck Resources Ltd (NYSE:TECK - Get Free Report) TSE: TECK has been given an average rating of "Moderate Buy" by the twenty ratings firms that are covering the company, MarketBeat.com reports. Ten analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $56.8750.

A number of research analysts recently issued reports on the stock. Desjardins cut shares of Teck Resources from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Morgan Stanley cut shares of Teck Resources from an "overweight" rating to an "equal weight" rating and lifted their price target for the company from $42.00 to $44.00 in a research report on Tuesday, July 15th. CIBC cut shares of Teck Resources from a "sector outperform" rating to a "neutral" rating in a report on Friday, July 25th. Wall Street Zen raised shares of Teck Resources from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Stifel Nicolaus assumed coverage on shares of Teck Resources in a report on Wednesday, July 9th. They issued a "hold" rating for the company.

Teck Resources Trading Up 0.0%

Shares of TECK traded up $0.02 during trading hours on Friday, reaching $41.91. 5,959,114 shares of the company traded hands, compared to its average volume of 4,152,061. The company's fifty day moving average price is $35.00 and its two-hundred day moving average price is $36.46. The company has a market capitalization of $20.13 billion, a price-to-earnings ratio of 110.29, a price-to-earnings-growth ratio of 0.62 and a beta of 0.78. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. Teck Resources has a 12 month low of $28.32 and a 12 month high of $54.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 last year, the company posted $0.79 EPS. Teck Resources's revenue was up 12.3% on a year-over-year basis. Equities research analysts predict that Teck Resources will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a dividend of $0.0918 per share. This represents a $0.37 annualized dividend and a yield of 0.9%. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date is Monday, September 15th. Teck Resources's dividend payout ratio (DPR) is presently 94.74%.

Institutional Trading of Teck Resources

Several large investors have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. bought a new stake in Teck Resources during the second quarter valued at approximately $232,000. Marex Group plc bought a new stake in Teck Resources during the second quarter valued at approximately $6,070,000. Evergreen Capital Management LLC bought a new stake in Teck Resources during the second quarter valued at approximately $208,000. Headlands Technologies LLC grew its position in Teck Resources by 121.7% during the second quarter. Headlands Technologies LLC now owns 33,659 shares of the basic materials company's stock valued at $1,359,000 after buying an additional 18,474 shares during the period. Finally, CANADA LIFE ASSURANCE Co grew its position in Teck Resources by 22.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 311,346 shares of the basic materials company's stock valued at $12,574,000 after buying an additional 56,940 shares during the period. 78.06% of the stock is currently owned by institutional investors.

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.