Teck Resources (NYSE:TECK) Upgraded at Citigroup

Citigroup upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) to a hold rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

A number of other brokerages have also weighed in on TECK. Eight Capital lowered shares of Teck Resources from a strong-buy rating to a hold rating in a research note on Thursday, July 11th. StockNews.com cut Teck Resources from a hold rating to a sell rating in a research report on Wednesday, September 25th. Morgan Stanley lifted their target price on Teck Resources from $55.00 to $60.00 and gave the company an overweight rating in a research report on Friday, June 21st. Benchmark restated a buy rating and issued a $55.00 target price on shares of Teck Resources in a research note on Thursday, July 25th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Teck Resources from $56.00 to $54.00 and set an overweight rating for the company in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $65.00.

Teck Resources Trading Up 0.9 %

NYSE TECK opened at $51.82 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. The stock’s 50-day moving average is $47.76 and its 200-day moving average is $48.30. Teck Resources has a one year low of $34.38 and a one year high of $55.13. The firm has a market cap of $26.36 billion, a P/E ratio of 22.93 and a beta of 1.02.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.47 by $0.32. The firm had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the company posted $0.91 EPS. Sell-side analysts anticipate that Teck Resources will post 2.02 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.625 dividend. This represents a $2.50 annualized dividend and a dividend yield of 4.82%. The ex-dividend date of this dividend was Friday, September 13th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is presently 16.37%.

Hedge Funds Weigh In On Teck Resources

Institutional investors have recently added to or reduced their stakes in the company. Stifel Financial Corp increased its stake in shares of Teck Resources by 1.2% during the 4th quarter. Stifel Financial Corp now owns 162,305 shares of the basic materials company’s stock worth $6,860,000 after purchasing an additional 1,872 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in Teck Resources by 2.7% during the fourth quarter. Crossmark Global Holdings Inc. now owns 21,569 shares of the basic materials company’s stock worth $912,000 after buying an additional 564 shares during the last quarter. Gabelli Funds LLC raised its stake in Teck Resources by 13.4% in the fourth quarter. Gabelli Funds LLC now owns 62,350 shares of the basic materials company’s stock valued at $2,636,000 after buying an additional 7,350 shares during the period. Cibc World Markets Corp lifted its position in shares of Teck Resources by 44.1% in the fourth quarter. Cibc World Markets Corp now owns 93,639 shares of the basic materials company’s stock valued at $3,958,000 after buying an additional 28,639 shares during the last quarter. Finally, Socorro Asset Management LP boosted its stake in shares of Teck Resources by 14.6% during the 4th quarter. Socorro Asset Management LP now owns 195,781 shares of the basic materials company’s stock worth $8,276,000 after acquiring an additional 24,961 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.