Teck Resources Ltd (TECK) Receives “Buy” Rating from MKM Partners
MKM Partners restated their buy rating on shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) in a research report report published on Wednesday morning. The firm currently has a $30.00 price objective on the basic materials company’s stock.
TECK has been the topic of several other reports. J P Morgan Chase & Co upgraded Teck Resources from a neutral rating to an overweight rating in a research report on Tuesday, May 30th. Bank of America Corporation upgraded Teck Resources from a neutral rating to a buy rating in a research report on Friday, June 30th. Zacks Investment Research downgraded Teck Resources from a hold rating to a sell rating in a research report on Tuesday, August 1st. Royal Bank Of Canada restated an outperform rating and issued a $38.00 price objective (down from $39.00) on shares of Teck Resources in a research report on Friday, June 16th. Finally, Raymond James Financial, Inc. restated an outperform rating on shares of Teck Resources in a research report on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-four have issued a buy rating to the company. Teck Resources has a consensus rating of Buy and a consensus price target of $29.39.
Teck Resources (NYSE TECK) opened at 21.96 on Wednesday. Teck Resources has a 52 week low of $14.56 and a 52 week high of $26.60. The firm has a 50-day moving average price of $23.20 and a 200-day moving average price of $20.46. The company has a market capitalization of $12.69 billion, a price-to-earnings ratio of 7.78 and a beta of 1.25.
Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Teck Resources had a return on equity of 13.01% and a net margin of 17.93%. The business had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.75 billion. The firm’s revenue was up 62.0% compared to the same quarter last year. Analysts anticipate that Teck Resources will post $3.50 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.0399 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.16 annualized dividend and a yield of 0.73%. Teck Resources’s payout ratio is currently 3.01%.
Hedge funds and other institutional investors have recently modified their holdings of the business. Capital Analysts LLC bought a new stake in Teck Resources during the second quarter worth approximately $100,000. Winslow Evans & Crocker Inc. bought a new stake in Teck Resources during the second quarter worth approximately $108,000. Financial Architects Inc bought a new stake in Teck Resources during the second quarter worth approximately $123,000. PNC Financial Services Group Inc. bought a new stake in Teck Resources during the second quarter worth approximately $124,000. Finally, Tower Research Capital LLC TRC bought a new stake in Teck Resources during the second quarter worth approximately $164,000. 46.67% of the stock is currently owned by institutional investors.
About Teck Resources
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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