Teck Resources Limited (NYSE:TECK) Declares Quarterly Dividend of $0.09

Teck Resources Limited (NYSE:TECK) (TSE:TECK) declared a quarterly dividend on Friday, November 15th,Wall Street Journal reports. Stockholders of record on Friday, December 13th will be given a dividend of 0.0895 per share by the basic materials company on Tuesday, December 31st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date of this dividend is Friday, December 13th.

Teck Resources has increased its dividend by an average of 35.7% per year over the last three years. Teck Resources has a payout ratio of 20.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Teck Resources to earn $1.91 per share next year, which means the company should continue to be able to cover its $0.37 annual dividend with an expected future payout ratio of 19.4%.

Teck Resources Price Performance

Shares of NYSE TECK traded down $0.39 during midday trading on Friday, reaching $44.99. 2,262,177 shares of the company traded hands, compared to its average volume of 3,407,512. Teck Resources has a 12 month low of $34.56 and a 12 month high of $55.13. The firm has a market cap of $22.68 billion, a PE ratio of 68.77 and a beta of 1.04. The stock’s 50-day simple moving average is $48.70 and its 200-day simple moving average is $48.70. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The firm had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period in the previous year, the business posted $0.57 EPS. The company’s quarterly revenue was down 20.6% compared to the same quarter last year. As a group, equities analysts anticipate that Teck Resources will post 1.84 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

TECK has been the subject of a number of research reports. Citigroup upgraded Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Benchmark reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Teck Resources in a report on Thursday, July 25th. Scotiabank upped their price target on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. Paradigm Capital upgraded shares of Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.29.

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.