BMO Capital Markets Begins Coverage on Teck Resources (NYSE:TECK)

BMO Capital Markets initiated coverage on shares of Teck Resources (NYSE:TECK) (TSE:TECK) in a research report released on Monday, MarketBeat Ratings reports. The firm issued an outperform rating on the basic materials company’s stock.

A number of other equities research analysts also recently commented on the company. Eight Capital downgraded Teck Resources from a strong-buy rating to a hold rating in a report on Thursday, July 11th. Morgan Stanley raised their target price on Teck Resources from $55.00 to $60.00 and gave the company an overweight rating in a report on Friday, June 21st. Benchmark raised their target price on Teck Resources from $50.00 to $52.00 and gave the company a buy rating in a report on Monday, April 8th. JPMorgan Chase & Co. raised their target price on Teck Resources from $44.00 to $50.00 and gave the company an overweight rating in a report on Wednesday, April 17th. Finally, CIBC raised their target price on Teck Resources from $70.00 to $80.00 and gave the company an outperformer rating in a report on Friday, July 12th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $62.33.

Teck Resources Stock Performance

NYSE:TECK opened at $45.96 on Monday. The firm’s fifty day moving average price is $49.80 and its 200 day moving average price is $45.15. Teck Resources has a 1-year low of $34.38 and a 1-year high of $55.13. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.49 and a quick ratio of 0.86. The firm has a market cap of $23.48 billion, a price-to-earnings ratio of 20.34, a price-to-earnings-growth ratio of 11.85 and a beta of 1.05.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, April 25th. The basic materials company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.31). Teck Resources had a net margin of 10.59% and a return on equity of 7.52%. The business had revenue of $2.96 billion during the quarter, compared to analyst estimates of $2.99 billion. On average, sell-side analysts expect that Teck Resources will post 1.97 EPS for the current year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 5.44%. The ex-dividend date of this dividend is Friday, September 13th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is 16.37%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hexagon Capital Partners LLC raised its stake in Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 386 shares during the last quarter. Creekmur Asset Management LLC acquired a new position in Teck Resources in the 4th quarter valued at about $35,000. Optiver Holding B.V. raised its stake in Teck Resources by 81.9% in the 4th quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 438 shares during the last quarter. Blue Trust Inc. raised its stake in Teck Resources by 583.1% in the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after purchasing an additional 898 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its stake in Teck Resources by 69.4% in the 4th quarter. First Horizon Advisors Inc. now owns 1,162 shares of the basic materials company’s stock valued at $49,000 after purchasing an additional 476 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Company Profile

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.