Stock analysts at Citigroup Inc. began coverage on shares of Teck Resources Ltd. (NYSE:TCK) (TSE:TCK.B) in a research report issued to clients and investors on Monday. The brokerage set a “neutral” rating and a $30.00 price target on the stock. Citigroup Inc.’s price target suggests a potential upside of 16.78% from the stock’s current price.
Several other brokerages have also recently issued reports on TCK. Credit Suisse Group AG upgraded shares of Teck Resources from a “neutral” rating to an “outperform” rating in a report on Monday, October 17th. Raymond James Financial Inc. restated a “market perform” rating and issued a $21.00 target price (up previously from $19.00) on shares of Teck Resources in a report on Thursday, August 25th. Sanford C. Bernstein restated a “sell” rating and issued a $10.00 target price on shares of Teck Resources in a report on Friday, August 19th. Royal Bank Of Canada cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating and lifted their price target for the stock from $16.00 to $23.00 in a research note on Friday, August 12th. Finally, National Bank Financial upgraded shares of Teck Resources from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, October 18th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $22.13.
Teck Resources (NYSE:TCK) opened at 25.69 on Monday. Teck Resources has a 12-month low of $2.56 and a 12-month high of $26.21. The stock has a 50 day moving average of $21.41 and a 200 day moving average of $16.01. The company’s market cap is $14.81 billion.
Teck Resources (NYSE:TCK) last issued its earnings results on Thursday, October 27th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the company posted $0.05 earnings per share. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. Equities analysts expect that Teck Resources will post $1.09 earnings per share for the current year.
The company also recently declared a semiannual dividend, which will be paid on Friday, December 30th. Investors 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 is presently -53.33%.
Institutional investors have recently added to or reduced their stakes in the company. Swiss National Bank boosted its position in Teck Resources by 4.1% in the second quarter. Swiss National Bank now owns 3,207,479 shares of the company’s stock worth $42,024,000 after buying an additional 126,600 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in Teck Resources by 27.9% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 36,123 shares of the company’s stock valued at $476,000 after buying an additional 7,887 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Teck Resources by 26.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 350,536 shares of the company’s stock valued at $4,591,000 after buying an additional 72,252 shares during the period. Bank of New York Mellon Corp boosted its stake in Teck Resources by 44.1% in the second quarter. Bank of New York Mellon Corp now owns 1,288,642 shares of the company’s stock valued at $16,972,000 after buying an additional 394,476 shares during the period. Finally, Quantitative Systematic Strategies LLC bought a new stake in Teck Resources during the second quarter valued at about $600,000. 47.05% of the stock is owned by hedge funds and other institutional investors.
Teck Resources Company Profile