Teck Resources Ltd (TECK) Receives Consensus Recommendation of “Buy” from Analysts

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) has earned a consensus rating of “Buy” from the twenty-six ratings firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-one have issued a buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $28.18.

Several analysts have recently issued reports on TECK shares. Credit Suisse Group reissued an “outperform” rating on shares of Teck Resources in a research report on Tuesday, April 18th. Clarkson Capital reaffirmed a “buy” rating on shares of Teck Resources in a report on Friday, May 19th. J P Morgan Chase & Co raised shares of Teck Resources from a “neutral” rating to an “overweight” rating in a report on Tuesday, May 30th. Bank of America Corporation cut shares of Teck Resources from a “buy” rating to a “neutral” rating and reduced their target price for the company from $27.00 to $19.00 in a report on Friday, June 9th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $38.00 target price (down previously from $39.00) on shares of Teck Resources in a report on Friday, June 16th.

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Shares of Teck Resources (NYSE:TECK) traded down 1.48% during trading on Friday, hitting $21.91. 1,829,075 shares of the stock traded hands. The firm’s 50-day moving average price is $19.53 and its 200-day moving average price is $20.45. Teck Resources has a 12 month low of $14.56 and a 12 month high of $26.60. The stock has a market cap of $12.66 billion, a PE ratio of 7.78 and a beta of 1.27.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.02. The business had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.75 billion. Teck Resources had a net margin of 17.93% and a return on equity of 13.01%. The company’s quarterly revenue was up 62.0% compared to the same quarter last year. Analysts anticipate that Teck Resources will post $3.19 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.0399 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.16 annualized dividend and a dividend yield of 0.72%. Teck Resources’s payout ratio is currently 5.64%.

Large investors have recently modified their holdings of the company. Letko Brosseau & Associates Inc. bought a new stake in shares of Teck Resources during the second quarter valued at approximately $237,787,000. Impala Asset Management LLC bought a new stake in shares of Teck Resources during the second quarter valued at approximately $217,614,000. TD Asset Management Inc. bought a new stake in shares of Teck Resources during the second quarter valued at approximately $146,189,000. Contrarius Investment Management Ltd bought a new stake in shares of Teck Resources during the second quarter valued at approximately $144,456,000. Finally, CIBC Asset Management Inc bought a new stake in shares of Teck Resources during the second quarter valued at approximately $144,018,000. Institutional investors own 46.72% of the company’s stock.

About Teck Resources

Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.

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