Teck Resources Ltd (TECK) Raised to “Strong-Buy” at ValuEngine
ValuEngine upgraded shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) from a buy rating to a strong-buy rating in a research note released on Thursday morning.
Several other research analysts have also commented on the stock. Bank of America Corporation upgraded shares of Teck Resources from a neutral rating to a buy rating in a report on Friday, June 30th. Zacks Investment Research lowered shares of Teck Resources from a hold rating to a sell rating in a report on Tuesday, August 1st. Deutsche Bank AG restated a buy rating and issued a $23.00 price objective (down from $24.00) on shares of Teck Resources in a report on Sunday, June 25th. 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 report on Friday, June 16th. Finally, MKM Partners restated a buy rating and issued a $28.00 price objective (up from $25.00) on shares of Teck Resources in a report on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $31.18.
Shares of Teck Resources (NYSE TECK) opened at 22.97 on Thursday. The firm has a market capitalization of $13.11 billion, a PE ratio of 7.90 and a beta of 1.20. Teck Resources has a 12-month low of $14.56 and a 12-month high of $33.76. The firm has a 50-day moving average of $22.98 and a 200-day moving average of $20.59.
Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Teck Resources had a net margin of 20.69% and a return on equity of 12.68%. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.75 billion. The firm’s revenue for the quarter was up 62.0% compared to the same quarter last year. Equities analysts anticipate that Teck Resources will post $3.50 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were given a dividend of $0.0399 per share. This represents a $0.16 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Thursday, September 14th. Teck Resources’s dividend payout ratio (DPR) is 3.01%.
A number of hedge funds have recently made changes to their positions in TECK. Atria Investments LLC purchased a new stake in Teck Resources during the 2nd quarter valued at about $231,000. Addison Capital Co purchased a new stake in Teck Resources during the 2nd quarter valued at about $423,000. NN Investment Partners Holdings N.V. purchased a new stake in Teck Resources during the 2nd quarter valued at about $623,000. Nexus Investment Management Inc. purchased a new stake in Teck Resources during the 2nd quarter valued at about $182,000. Finally, Winslow Evans & Crocker Inc. purchased a new stake in Teck Resources during the 2nd quarter valued at about $108,000. 46.80% of the stock is currently owned by institutional investors.
Teck Resources Company Profile
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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