Teck Resources Ltd. (NYSE:TCK) (TSE:TCK.B)‘s stock had its “sector perform” rating reaffirmed by research analysts at Scotiabank in a research report issued to clients and investors on Saturday. They currently have a $34.00 target price on the stock, up from their previous target price of $29.00. Scotiabank’s price objective would indicate a potential upside of 32.35% from the stock’s previous close.
A number of other research firms have also recently issued reports on TCK. Barclays PLC upgraded Teck Resources from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $22.00 to $36.00 in a report on Thursday, November 17th. Deutsche Bank AG increased their target price on Teck Resources from $23.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, November 16th. Goldman Sachs Group Inc. upgraded Teck Resources from a “neutral” rating to a “buy” rating and set a $31.00 target price for the company in a report on Tuesday, November 15th. FBR & Co restated a “hold” rating on shares of Teck Resources in a report on Wednesday, November 2nd. Finally, TheStreet upgraded Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 27th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Teck Resources has a consensus rating of “Hold” and an average target price of $22.13.
Shares of Teck Resources (NYSE:TCK) opened at 25.69 on Friday. The stock’s 50 day moving average price is $21.41 and its 200 day moving average price is $16.01. The company’s market cap is $14.81 billion. Teck Resources has a 12-month low of $2.56 and a 12-month high of $26.21.
Teck Resources (NYSE:TCK) last posted its quarterly earnings data on Thursday, October 27th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.08. Teck Resources had a positive return on equity of 1.13% and a negative net margin of 1.42%. The firm earned $2.31 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the prior year, the business earned $0.05 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, analysts forecast that Teck Resources will post $1.09 EPS for the current year.
The business also recently disclosed a semiannual dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be given a dividend of $0.037 per share. This represents a yield of 0.29%. The ex-dividend date is Tuesday, December 13th. Teck Resources’s dividend payout ratio (DPR) is presently -53.33%.
A number of hedge funds and other institutional investors have recently bought and sold shares of TCK. Capital Research Global Investors raised its position in Teck Resources by 822.8% in the second quarter. Capital Research Global Investors now owns 28,054,000 shares of the company’s stock worth $369,363,000 after buying an additional 25,014,000 shares during the period. Mackenzie Financial Corp bought a new position in Teck Resources during the second quarter worth $84,610,000. Slate Path Capital LP bought a new position in Teck Resources during the second quarter worth $80,535,000. Van ECK Associates Corp raised its position in Teck Resources by 981.4% in the second quarter. Van ECK Associates Corp now owns 4,716,588 shares of the company’s stock worth $62,117,000 after buying an additional 4,280,425 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Teck Resources by 55.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,620,897 shares of the company’s stock worth $173,129,000 after buying an additional 3,430,308 shares during the period. 47.05% of the stock is owned by institutional investors.
About Teck Resources