Teck Resources (NYSE:TECK) Price Target Raised to $64.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price target upped by Bank of America from $62.00 to $64.00 in a research report report published on Monday,Benzinga reports. Bank of America currently has a buy rating on the basic materials company’s stock.

TECK has been the topic of several other research reports. UBS Group downgraded Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Raymond James cut their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. JPMorgan Chase & Co. lowered their target price on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. Finally, National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $65.22.

Teck Resources Stock Performance

TECK opened at $40.03 on Monday. The firm has a market cap of $19.88 billion, a P/E ratio of 72.78 and a beta of 0.93. Teck Resources has a 1-year low of $36.54 and a 1-year high of $55.13. The company has a 50 day simple moving average of $41.70 and a two-hundred day simple moving average of $45.09. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. Equities analysts forecast that Teck Resources will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.0879 dividend. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date is Friday, March 14th. Teck Resources’s payout ratio is 61.82%.

Institutional Investors Weigh In On Teck Resources

Several large investors have recently added to or reduced their stakes in the stock. Employees Retirement System of Texas purchased a new position in shares of Teck Resources in the 4th quarter worth approximately $230,000. Ameriflex Group Inc. bought a new stake in Teck Resources in the fourth quarter worth $50,000. Mackenzie Financial Corp boosted its stake in Teck Resources by 7.4% during the fourth quarter. Mackenzie Financial Corp now owns 5,882,543 shares of the basic materials company’s stock worth $238,245,000 after buying an additional 404,095 shares during the period. Vise Technologies Inc. boosted its stake in Teck Resources by 14.6% during the fourth quarter. Vise Technologies Inc. now owns 5,942 shares of the basic materials company’s stock worth $241,000 after buying an additional 757 shares during the period. Finally, Arrowpoint Investment Partners Singapore Pte. Ltd. bought a new position in Teck Resources during the fourth quarter valued at $335,000. 78.06% of the stock is owned by institutional investors.

Teck Resources Company Profile

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.