Teck Resources Limited (NYSE:TECK) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) have been given an average recommendation of “Moderate Buy” by the twelve ratings firms that are presently covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $65.38.

Several brokerages have recently issued reports on TECK. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Scotiabank lifted their price objective 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. JPMorgan Chase & Co. cut their price objective on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research report on Friday, October 25th. Finally, Raymond James dropped their price target on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd.

Hedge Funds Weigh In On Teck Resources

A number of institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its stake in Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after purchasing an additional 1,326,241 shares in the last quarter. CIBC Asset Management Inc increased its stake in Teck Resources by 2.0% in the 4th quarter. CIBC Asset Management Inc now owns 6,623,228 shares of the basic materials company’s stock worth $269,956,000 after purchasing an additional 127,348 shares in the last quarter. AMF Tjanstepension AB grew its stake in Teck Resources by 3.9% during the 3rd quarter. AMF Tjanstepension AB now owns 4,552,507 shares of the basic materials company’s stock valued at $238,055,000 after acquiring an additional 169,476 shares in the last quarter. FMR LLC grew its stake in Teck Resources by 72.8% during the 3rd quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock valued at $189,848,000 after acquiring an additional 1,531,563 shares in the last quarter. Finally, Regal Partners Ltd grew its stake in Teck Resources by 1.4% during the 3rd quarter. Regal Partners Ltd now owns 2,728,980 shares of the basic materials company’s stock valued at $142,562,000 after acquiring an additional 38,949 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Performance

Shares of TECK opened at $40.07 on Thursday. Teck Resources has a 1 year low of $36.50 and a 1 year high of $55.13. The company has a market cap of $19.98 billion, a price-to-earnings ratio of 60.71 and a beta of 1.05. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The firm has a fifty day moving average of $42.80 and a 200-day moving average of $46.07.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.0895 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a yield of 0.89%. Teck Resources’s dividend payout ratio is currently 53.03%.

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.