Teck Resources (NYSE:TECK) Now Covered by BMO Capital Markets

BMO Capital Markets started coverage on shares of Teck Resources (NYSE:TECK) (TSE:TECK) in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage issued an outperform rating on the basic materials company’s stock.

A number of other analysts have also issued reports on the company. Raymond James lowered their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Bank of America lifted their target price on shares of Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Veritas upgraded shares of Teck Resources to a “hold” rating in a research report on Friday, April 11th. Desjardins initiated coverage on shares of Teck Resources in a research report on Friday, April 4th. They set a “buy” rating on the stock. Finally, UBS Group reiterated a “neutral” rating on shares of Teck Resources in a report on Tuesday. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $64.11.

Teck Resources Stock Performance

TECK opened at $32.90 on Wednesday. The firm’s fifty day simple moving average is $38.60 and its two-hundred day simple moving average is $42.95. Teck Resources has a 52-week low of $28.32 and a 52-week high of $55.13. The company has a market cap of $16.28 billion, a price-to-earnings ratio of 59.82 and a beta of 0.81. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16.

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

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.0879 per share. This represents a $0.35 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date was Friday, March 14th. Teck Resources’s dividend payout ratio is presently 61.82%.

Hedge Funds Weigh In On Teck Resources

A number of hedge funds have recently made changes to their positions in TECK. Synergy Asset Management LLC grew its position in Teck Resources by 77.7% in the 4th quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock valued at $685,000 after acquiring an additional 7,387 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Teck Resources in the third quarter valued at approximately $1,937,000. FNY Investment Advisers LLC increased its stake in Teck Resources by 709.5% during the 4th quarter. FNY Investment Advisers LLC now owns 17,000 shares of the basic materials company’s stock worth $689,000 after buying an additional 14,900 shares during the period. Douglas Lane & Associates LLC lifted its holdings in Teck Resources by 10.6% during the 4th quarter. Douglas Lane & Associates LLC now owns 950,612 shares of the basic materials company’s stock worth $38,528,000 after buying an additional 91,370 shares in the last quarter. Finally, State Street Corp purchased a new position in Teck Resources in the 3rd quarter valued at approximately $2,500,000. Hedge funds and other institutional investors 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.