TD Securities upgraded shares of Teck Resources (NYSE:TECK – Free Report) (TSE:TECK) to a strong-buy rating in a report published on Tuesday, Zacks.com reports.
A number of other equities research analysts have also issued reports on TECK. BMO Capital Markets started coverage on Teck Resources in a research note on Monday. They issued an outperform rating for the company. Morgan Stanley raised their price objective on Teck Resources from $55.00 to $60.00 and gave the company an overweight rating in a research report on Friday, June 21st. JPMorgan Chase & Co. raised their price objective on Teck Resources from $44.00 to $50.00 and gave the company an overweight rating in a research report on Wednesday, April 17th. Eight Capital lowered Teck Resources from a strong-buy rating to a hold rating in a research report on Thursday, July 11th. Finally, Benchmark raised their price objective on Teck Resources from $50.00 to $52.00 and gave the company a buy rating in a research report on Monday, April 8th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $62.33.
Get Our Latest Report on Teck Resources
Teck Resources Trading Down 5.1 %
Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.31). Teck Resources had a return on equity of 7.52% and a net margin of 10.59%. The business had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.99 billion. On average, analysts predict that Teck Resources will post 1.97 EPS for the current fiscal year.
Teck Resources Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a $0.625 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.50 annualized dividend and a yield of 5.44%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is presently 16.37%.
Institutional Trading of Teck Resources
Several institutional investors have recently added to or reduced their stakes in TECK. FIL Ltd lifted its stake in Teck Resources by 98.8% in 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 bought a new stake in Teck Resources in the fourth quarter worth about $172,740,000. AMF Tjanstepension AB lifted its stake in Teck Resources by 846.6% in the second quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock worth $210,034,000 after purchasing an additional 3,919,984 shares during the last quarter. Asia Research & Capital Management Ltd bought a new stake in Teck Resources in the first quarter worth about $158,976,000. Finally, Principal Financial Group Inc. lifted its stake in 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 worth $260,584,000 after purchasing an additional 3,047,570 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.
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.
Further Reading
- Five stocks we like better than Teck Resources
- Buy P&G Now, Before It Sets A New All-Time High
- Oracle Pulls Back After Musk Deal Falls Through, Time to Buy?
- Canada Bond Market Holiday: How to Invest and Trade
- Semiconductor Giant Posts Big Earnings Beat, but Shares Stay Flat
- Using the MarketBeat Dividend Yield Calculator
- How to Execute the Wheel Strategy to Generate Options Income
Receive News & Ratings for Teck Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teck Resources and related companies with MarketBeat.com's FREE daily email newsletter.