Teck Resources Ltd. (NYSE:TCK) (TSE:TCK.B)‘s stock had its “sector perform” rating reiterated by equities research analysts at Scotiabank in a research report issued on Saturday. They presently have a $34.00 target price on the stock, up from their previous target price of $29.00. Scotiabank’s target price suggests a potential upside of 32.35% from the company’s previous close.
TCK has been the subject of several other research reports. Dundee Securities upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Friday, October 14th. BMO Capital Markets reiterated a “hold” rating and set a $16.00 target price on shares of Teck Resources in a research note on Wednesday, August 31st. Zacks Investment Research upgraded shares of Teck Resources from a “hold” rating to a “strong-buy” rating and set a $20.00 target price for the company in a research note on Wednesday, October 5th. CIBC reiterated an “outperform” rating on shares of Teck Resources in a research note on Thursday, October 13th. Finally, Morgan Stanley upgraded shares of Teck Resources from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $7.00 to $18.00 in a research note on Thursday, September 15th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $22.13.
Shares of Teck Resources (NYSE:TCK) opened at 25.69 on Friday. The stock’s market capitalization is $14.81 billion. Teck Resources has a 1-year low of $2.56 and a 1-year high of $26.21. The firm’s 50-day moving average price is $21.41 and its 200 day moving average price is $16.01.
Teck Resources (NYSE:TCK) last announced its earnings results on Thursday, October 27th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.08. Teck Resources had a negative net margin of 1.42% and a positive return on equity of 1.13%. The business earned $2.31 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. Equities research analysts expect that Teck Resources will post $1.09 earnings per share for the current fiscal year.
The firm also recently disclosed a semiannual dividend, which will be paid on Friday, December 30th. Stockholders of record on Thursday, December 15th will be paid a dividend of $0.037 per share. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a dividend yield of 0.29%. Teck Resources’s dividend payout ratio (DPR) is -53.33%.
A number of hedge funds have recently added to or reduced their stakes in the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its stake in Teck Resources by 17.3% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 4,318,117 shares of the company’s stock valued at $73,451,000 after buying an additional 638,200 shares during the last quarter. Voloridge Investment Management LLC purchased a new stake in Teck Resources during the second quarter valued at approximately $14,777,000. Mckinley Capital Management LLC Delaware purchased a new stake in Teck Resources during the second quarter valued at approximately $30,504,000. AMP Capital Investors Ltd boosted its stake in Teck Resources by 3.0% in the first quarter. AMP Capital Investors Ltd now owns 278,011 shares of the company’s stock valued at $2,180,000 after buying an additional 8,100 shares during the last quarter. Finally, Macquarie Group Ltd. purchased a new stake in Teck Resources during the second quarter valued at approximately $150,000. 47.05% of the stock is owned by hedge funds and other institutional investors.
About Teck Resources