Desjardins Initiates Coverage on Teck Resources (NYSE:TECK)

Desjardins initiated coverage on shares of Teck Resources (NYSE:TECK) (TSE:TECK) in a research report report published on Friday morning, Marketbeat.com reports. The firm issued a buy rating on the basic materials company’s stock.

Several other equities analysts have also recently commented on the company. Raymond James reduced their target price on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. decreased their price objective on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Bank of America upped their target price on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Finally, National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.22.

Teck Resources Stock Performance

Teck Resources stock opened at $29.97 on Friday. Teck Resources has a 12-month low of $29.26 and a 12-month high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The company has a market capitalization of $14.83 billion, a price-to-earnings ratio of 54.48 and a beta of 0.81. The firm’s fifty day moving average price is $40.72 and its 200 day moving average price is $44.26.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. On average, research analysts forecast that Teck Resources will post 1.53 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.0879 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a yield of 1.17%. Teck Resources’s payout ratio is currently 61.82%.

Hedge Funds Weigh In On Teck Resources

Several hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in Teck Resources by 21.7% during the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after purchasing an additional 1,326,241 shares during the period. Polar Asset Management Partners Inc. acquired a new position in shares of Teck Resources during the third quarter worth approximately $825,000. Quantinno Capital Management LP grew its holdings in Teck Resources by 47.2% in the 3rd quarter. Quantinno Capital Management LP now owns 15,634 shares of the basic materials company’s stock worth $817,000 after buying an additional 5,011 shares in the last quarter. Stifel Financial Corp increased its position in Teck Resources by 9.9% in the 3rd quarter. Stifel Financial Corp now owns 205,325 shares of the basic materials company’s stock valued at $10,726,000 after acquiring an additional 18,433 shares during the period. Finally, State Street Corp bought a new stake in Teck Resources during the 3rd quarter valued at $2,500,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.