National Bank Financial upgraded shares of Teck Resources (NYSE:TECK – Free Report) (TSE:TECK) from a hold rating to a strong-buy rating in a research note released on Thursday morning,Zacks.com reports.
Several other brokerages have also weighed in on TECK. Raymond James cut their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Bank of America lifted their price target on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, March 10th. JPMorgan Chase & Co. dropped their price objective on Teck Resources from $50.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Desjardins started coverage on Teck Resources in a report on Friday, April 4th. They issued a “buy” rating on the stock. Finally, BMO Capital Markets started coverage on Teck Resources in a research note on Wednesday, April 16th. They set an “outperform” rating for the company. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $64.11.
Read Our Latest Analysis on TECK
Teck Resources Stock Down 1.6 %
Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.18. The business had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $2.19 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. As a group, sell-side analysts anticipate that Teck Resources will post 1.53 earnings per share for the current year.
Teck Resources Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.0901 dividend. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.36 annualized dividend and a dividend yield of 1.01%. Teck Resources’s payout ratio is 61.82%.
Institutional Investors Weigh In On Teck Resources
A number of hedge funds have recently bought and sold shares of TECK. Stonebridge Financial Group LLC purchased a new position in shares of Teck Resources during the 4th quarter valued at approximately $25,000. FPC Investment Advisory Inc. acquired a new stake in Teck Resources in the fourth quarter valued at $27,000. Global Trust Asset Management LLC bought a new position in Teck Resources during the 4th quarter valued at $27,000. Wilmington Savings Fund Society FSB acquired a new position in Teck Resources during the 3rd quarter worth $40,000. Finally, Community Bank N.A. bought a new stake in shares of Teck Resources in the 4th quarter worth about $33,000. 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.
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