Zacks Investment Research cut shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) from a buy rating to a hold rating in a research note published on Friday, October 6th.
According to Zacks, “Teck Resources Limited is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. It is a world leader in the production of copper, metallurgical coal and zinc, a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets. Headquartered in Vancouver, Canada, the company has expertise across the full range of activities related to mining, including exploration, development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. The Company is actively exploring in countries throughout the Americas, Asia Pacific, Europe and Africa. Teck Resources Limited, formerly Teck Cominco Limited, is headquartered in Vancouver, Canada. “
TECK has been the subject of a number of other research reports. Bank of America Corporation upgraded Teck Resources from a neutral rating to a buy rating in a report on Friday, June 30th. BMO Capital Markets upped their target price on Teck Resources from $40.00 to $41.00 and gave the company an outperform rating in a research report on Monday, September 25th. Raymond James Financial, Inc. reissued an outperform rating on shares of Teck Resources in a research report on Tuesday, August 15th. MKM Partners reissued a buy rating and issued a $28.00 target price (up from $25.00) on shares of Teck Resources in a research report on Thursday, August 24th. Finally, Royal Bank Of Canada reaffirmed an outperform rating and set a $38.00 price target (down from $39.00) on shares of Teck Resources in a research report on Friday, June 16th. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $31.18.
Teck Resources (TECK) opened at 22.16 on Friday. Teck Resources has a 1-year low of $14.56 and a 1-year high of $26.60. The firm has a market capitalization of $12.80 billion, a price-to-earnings ratio of 7.62 and a beta of 1.20. The company has a 50 day moving average price of $22.58 and a 200-day moving average price of $20.65.
Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, July 27th. The basic materials company reported $0.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.02. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.75 billion. Teck Resources had a return on equity of 13.01% and a net margin of 17.93%. The business’s revenue for the quarter was up 62.0% compared to the same quarter last year. On average, analysts forecast that Teck Resources will post $3.56 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were given a $0.0399 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.16 annualized dividend and a yield of 0.72%. Teck Resources’s dividend payout ratio is presently 3.01%.
Several institutional investors have recently added to or reduced their stakes in TECK. Letko Brosseau & Associates Inc. purchased a new stake in shares of Teck Resources during the 2nd quarter worth $237,787,000. Impala Asset Management LLC purchased a new stake in shares of Teck Resources during the 2nd quarter worth $217,614,000. Capital Research Global Investors purchased a new stake in shares of Teck Resources during the 2nd quarter worth $187,626,000. Vanguard Group Inc. purchased a new stake in shares of Teck Resources during the 2nd quarter worth $182,655,000. Finally, TD Asset Management Inc. purchased a new stake in Teck Resources in the second quarter valued at $146,189,000. 46.78% of the stock is owned by institutional investors and hedge funds.
Teck Resources Company Profile
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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