Analysts Set Teck Resources Limited (NYSE:TECK) Price Target at $50.00

Shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) have been given a consensus recommendation of “Moderate Buy” by the eight analysts that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $50.00.

A number of analysts recently commented on TECK shares. JPMorgan Chase & Co. boosted their target price on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. UBS Group initiated coverage on Teck Resources in a report on Tuesday, January 16th. They set a “buy” rating for the company. Morgan Stanley reiterated an “overweight” rating and issued a $55.00 target price on shares of Teck Resources in a report on Thursday, April 11th. Finally, Benchmark boosted their price target on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, April 8th.

Institutional Trading of Teck Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. FIL Ltd boosted its holdings in Teck Resources by 98.8% during the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after purchasing an additional 5,933,226 shares during the last quarter. Norges Bank purchased a new position in shares of Teck Resources in the 4th quarter worth approximately $172,740,000. Principal Financial Group Inc. grew its holdings in shares of Teck Resources by 115.4% in the first quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock valued at $260,584,000 after acquiring an additional 3,047,570 shares in the last quarter. Boston Partners increased its position in shares of Teck Resources by 28.8% during the fourth quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock valued at $484,995,000 after acquiring an additional 2,432,378 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in Teck Resources by 45.7% during the fourth quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock worth $280,491,000 after acquiring an additional 2,080,295 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Performance

Shares of TECK stock opened at $49.29 on Tuesday. The firm has a 50 day moving average of $45.01 and a 200-day moving average of $40.72. The company has a market cap of $25.22 billion, a price-to-earnings ratio of 21.81, a price-to-earnings-growth ratio of 8.76 and a beta of 1.12. The company has a quick ratio of 0.86, a current ratio of 1.49 and a debt-to-equity ratio of 0.20. Teck Resources has a 52 week low of $34.38 and a 52 week high of $51.65.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.01. Teck Resources had a net margin of 10.59% and a return on equity of 7.52%. The business had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3.11 billion. On average, equities analysts forecast that Teck Resources will post 2.67 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 17th will be paid a dividend of $0.0911 per share. This represents a $0.36 annualized dividend and a yield of 0.74%. The ex-dividend date of this dividend is Monday, June 17th. Teck Resources’s dividend payout ratio (DPR) is presently 16.37%.

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.