Teck Resources Limited (NYSE:TECK) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) have been given an average recommendation of “Moderate Buy” by the eleven research firms that are covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $65.29.

TECK has been the topic of a number of recent analyst reports. National Bank Financial cut Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Citigroup raised Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. cut their price objective on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Deutsche Bank Aktiengesellschaft downgraded shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a report on Friday, October 25th. Finally, Scotiabank raised their target price on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th.

Teck Resources Trading Up 0.5 %

Teck Resources stock opened at $41.39 on Friday. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources has a 12-month low of $36.50 and a 12-month high of $55.13. The firm has a market capitalization of $20.75 billion, a price-to-earnings ratio of 62.71 and a beta of 1.05. The firm has a 50 day moving average of $44.57 and a 200 day moving average of $46.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The firm had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period in the prior year, the company posted $0.57 earnings per share. The company’s revenue for the quarter was down 20.6% compared to the same quarter last year. As a group, research analysts predict that Teck Resources will post 1.81 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were issued a dividend of $0.0895 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.36 annualized dividend and a yield of 0.86%. Teck Resources’s payout ratio is presently 56.06%.

Institutional Investors Weigh In On Teck Resources

A number of institutional investors and hedge funds have recently modified their holdings of TECK. Forest Avenue Capital Management LP increased its position in Teck Resources by 3.7% during the 3rd quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company’s stock valued at $37,661,000 after purchasing an additional 25,430 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Teck Resources during the third quarter valued at approximately $1,937,000. CIBC Asset Management Inc increased its holdings in Teck Resources by 2.6% during the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock valued at $341,337,000 after buying an additional 165,759 shares during the period. Intech Investment Management LLC lifted its holdings in Teck Resources by 20.9% during the third quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company’s stock worth $5,132,000 after buying an additional 16,981 shares during the period. Finally, Paloma Partners Management Co purchased a new stake in Teck Resources during the third quarter worth $20,896,000. 78.06% of the stock is owned by institutional investors.

About Teck Resources

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.