Teck Resources (TECK) Upgraded by Scotiabank to Focus List
Scotiabank upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from an outperform rating to a focus list rating in a research note published on Monday, The Fly reports.
A number of other equities research analysts have also issued reports on TECK. MKM Partners reaffirmed a buy rating and set a $40.00 target price on shares of Teck Resources in a report on Tuesday, September 12th. BidaskClub lowered shares of Teck Resources from a strong-buy rating to a buy rating in a report on Friday, September 15th. Axiom Securities initiated coverage on shares of Teck Resources in a report on Monday, September 18th. They set a sell rating and a $16.00 target price for the company. Deutsche Bank reaffirmed a buy rating and set a $26.00 target price (up previously from $24.00) on shares of Teck Resources in a report on Monday, September 25th. Finally, BMO Capital Markets upped their target price on shares of Teck Resources from $40.00 to $41.00 and gave the stock an outperform rating in a report on Monday, September 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $28.94.
Teck Resources (TECK) traded up $1.13 during trading hours on Monday, reaching $30.23. 4,393,365 shares of the company’s stock were exchanged, compared to its average volume of 4,908,528. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.42. The firm has a market capitalization of $17,570.00, a PE ratio of 8.94, a PEG ratio of 1.52 and a beta of 1.31. Teck Resources has a 52 week low of $14.56 and a 52 week high of $29.15.
The company also recently disclosed a special dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 15th were issued a $0.3141 dividend. This represents a dividend yield of 0.72%. The ex-dividend date was Thursday, December 14th. Teck Resources’s dividend payout ratio is currently 4.73%.
Several institutional investors and hedge funds have recently made changes to their positions in TECK. Letko Brosseau & Associates Inc. purchased a new stake in shares of Teck Resources in the second quarter valued at about $237,787,000. Impala Asset Management LLC acquired a new position in Teck Resources in the second quarter valued at about $217,614,000. Capital Research Global Investors acquired a new position in Teck Resources in the second quarter valued at about $187,626,000. Vanguard Group Inc. acquired a new position in Teck Resources in the second quarter valued at about $182,655,000. Finally, Van ECK Associates Corp acquired a new position in Teck Resources in the second quarter valued at about $141,277,000. 54.25% of the stock is owned by hedge funds and other 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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