Teck Resources Ltd (NYSE:TECK) Receives $62.25 Average Price Target from Brokerages

Shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) have been assigned an average rating of “Hold” from the thirteen research firms that are presently covering the company, Marketbeat reports. Eight research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $62.25.

Several research analysts have recently issued reports on TECK shares. JPMorgan Chase & Co. increased their target price on Teck Resources from $46.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. Zacks Research lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Teck Resources in a research note on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft increased their price objective on Teck Resources from $64.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Finally, TD Securities reissued a “hold” rating on shares of Teck Resources in a research report on Friday, April 24th.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. PensionDanmark Pensionsforsikringsaktieselskab boosted its position in shares of Teck Resources by 2.8% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 191,700 shares of the basic materials company’s stock worth $11,413,000 after purchasing an additional 5,220 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Teck Resources by 23.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 17,299 shares of the basic materials company’s stock valued at $1,030,000 after buying an additional 3,302 shares in the last quarter. Versant Capital Management Inc increased its position in Teck Resources by 86.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,587 shares of the basic materials company’s stock valued at $94,000 after buying an additional 736 shares in the last quarter. Brandywine Financial Group bought a new position in Teck Resources during the 1st quarter valued at approximately $5,251,000. Finally, Rathbones Group PLC raised its stake in Teck Resources by 80.8% during the first quarter. Rathbones Group PLC now owns 8,648 shares of the basic materials company’s stock valued at $447,000 after buying an additional 3,865 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Trading Up 2.2%

Shares of TECK opened at $66.13 on Monday. The firm’s 50-day moving average price is $61.26 and its 200-day moving average price is $58.14. The firm has a market capitalization of $31.94 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 1.90 and a beta of 0.92. The company has a current ratio of 3.12, a quick ratio of 2.33 and a debt-to-equity ratio of 0.12. Teck Resources has a 1-year low of $30.98 and a 1-year high of $71.25.

Teck Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Tuesday, September 15th. Teck Resources’s dividend payout ratio (DPR) is presently 9.76%.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.