Teck Resources (NYSE:TECK) Upgraded at StockNews.com

StockNews.com upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a sell rating to a hold rating in a report published on Tuesday.

Other equities analysts have also issued research reports about the stock. CIBC raised their price objective on shares of Teck Resources from $70.00 to $80.00 and gave the company an outperformer rating in a research report on Friday, July 12th. BMO Capital Markets started coverage on shares of Teck Resources in a research report on Monday, July 15th. They issued an outperform rating on the stock. Paradigm Capital raised shares of Teck Resources to a moderate buy rating in a research report on Friday, July 26th. UBS Group raised shares of Teck Resources from a neutral rating to a buy rating and lifted their price target for the company from $76.00 to $78.00 in a research report on Wednesday, September 4th. Finally, Benchmark reissued a buy rating and issued a $55.00 price target on shares of Teck Resources in a research report on Thursday, July 25th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $65.00.

Teck Resources Price Performance

TECK stock opened at $49.00 on Tuesday. The firm has a market capitalization of $25.07 billion, a PE ratio of 21.68 and a beta of 1.01. Teck Resources has a one year low of $34.38 and a one year high of $55.13. The company has a current ratio of 1.48, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. The firm has a 50-day moving average of $46.89 and a two-hundred day moving average of $47.56.

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

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.625 per share. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.50 annualized dividend and a yield of 5.10%. Teck Resources’s dividend payout ratio (DPR) is currently 16.37%.

Institutional Investors Weigh In On Teck Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the company. FIL Ltd raised its stake in Teck Resources by 98.8% in the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after purchasing an additional 5,933,226 shares in the last quarter. Norges Bank bought a new stake in shares of Teck Resources during the fourth quarter worth about $172,740,000. AMF Tjanstepension AB grew its holdings in shares of Teck Resources by 846.6% during the second quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock worth $210,034,000 after purchasing an additional 3,919,984 shares during the last quarter. Asia Research & Capital Management Ltd bought a new stake in shares of Teck Resources during the first quarter worth about $158,976,000. Finally, Principal Financial Group Inc. boosted its holdings in Teck Resources by 115.4% in the first quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock valued at $260,584,000 after acquiring an additional 3,047,570 shares during the last quarter. 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.