Teck Resources Ltd (TECK) Receives Average Rating of “Buy” from Analysts
Teck Resources Ltd (NYSE:TECK) (TSE:TECK) has been given a consensus recommendation of “Buy” by the twenty-six ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and twenty-two have given a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $28.90.
Several brokerages have issued reports on TECK. Raymond James Financial, Inc. began coverage on shares of Teck Resources in a research note on Tuesday. They issued an “outperform” rating for the company. Zacks Investment Research downgraded shares of Teck Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Bank of America Corporation raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Friday, June 30th. Deutsche Bank AG reissued a “buy” rating and issued a $23.00 price objective (down previously from $24.00) on shares of Teck Resources in a research note on Sunday, June 25th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $38.00 price objective (down previously from $39.00) on shares of Teck Resources in a research note on Friday, June 16th.
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Institutional investors have recently modified their holdings of the stock. NN Investment Partners Holdings N.V. acquired a new position in shares of Teck Resources during the second quarter valued at about $623,000. Great West Life Assurance Co. Can acquired a new position in shares of Teck Resources during the second quarter valued at about $57,911,000. Exane Asset Management acquired a new position in shares of Teck Resources during the second quarter valued at about $877,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new position in shares of Teck Resources during the second quarter valued at about $1,496,000. Finally, Russell Investments Group Ltd. acquired a new position in shares of Teck Resources during the second quarter valued at about $35,663,000. 47.20% of the stock is currently owned by institutional investors.
Teck Resources (TECK) traded down 0.112% on Tuesday, hitting $22.295. The company had a trading volume of 503,461 shares. Teck Resources has a one year low of $14.56 and a one year high of $33.76. The stock has a 50 day moving average of $19.87 and a 200-day moving average of $20.34. The stock has a market capitalization of $12.88 billion, a PE ratio of 7.914 and a beta of 1.27.
Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. Teck Resources had a net margin of 17.93% and a return on equity of 13.01%. The firm had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.75 billion. The company’s revenue was up 62.0% on a year-over-year basis. Equities analysts anticipate that Teck Resources will post $3.18 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.0399 per share. This represents a $0.16 annualized dividend and a yield of 0.71%. The ex-dividend date is Thursday, September 14th. Teck Resources’s payout ratio is 5.64%.
About Teck Resources
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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