Teck Resources (NYSE:TECK) Downgraded by StockNews.com

StockNews.com lowered shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a hold rating to a sell rating in a research note published on Monday.

A number of other equities research analysts have also weighed in on the company. BMO Capital Markets assumed coverage on Teck Resources in a research report on Monday, July 15th. They set an outperform rating for the company. Eight Capital lowered shares of Teck Resources from a strong-buy rating to a hold rating in a report on Thursday, July 11th. JPMorgan Chase & Co. dropped their target price on shares of Teck Resources from $56.00 to $54.00 and set an overweight rating on the stock in a research report on Thursday, July 25th. TD Securities upgraded Teck Resources to a strong-buy rating in a research report on Tuesday, July 16th. Finally, Morgan Stanley increased their price target on Teck Resources from $55.00 to $60.00 and gave the stock an overweight rating in a report on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $65.00.

Teck Resources Stock Performance

Shares of NYSE TECK opened at $44.78 on Monday. The firm’s 50-day moving average price is $47.28 and its 200-day moving average price is $47.28. Teck Resources has a 52-week low of $34.38 and a 52-week high of $55.13. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The company has a market cap of $22.91 billion, a PE ratio of 19.81 and a beta of 1.01.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.32. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.91 EPS. As a group, analysts anticipate that Teck Resources will post 2.01 EPS for the current year.

Teck Resources Increases Dividend

The firm 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 $0.625 dividend. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.50 annualized dividend and a dividend yield of 5.58%. Teck Resources’s dividend payout ratio is presently 16.37%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Teck Resources by 1.8% in the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock worth $765,493,000 after purchasing an additional 290,034 shares in the last quarter. FIL Ltd lifted its position 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 period. Janus Henderson Group PLC lifted its stake in Teck Resources by 2.4% during the first quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock worth $394,178,000 after purchasing an additional 203,607 shares during the period. CIBC Asset Management Inc grew its position in Teck Resources by 2.8% in the fourth quarter. CIBC Asset Management Inc now owns 6,388,652 shares of the basic materials company’s stock valued at $270,918,000 after acquiring an additional 174,492 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Teck Resources by 7.3% during the 2nd quarter. Principal Financial Group Inc. now owns 6,103,740 shares of the basic materials company’s stock worth $292,441,000 after purchasing an additional 416,070 shares in the last quarter. Institutional investors and hedge funds 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.