Teck Resources’ (TECK) Buy Rating Reaffirmed at MKM Partners
MKM Partners restated their buy rating on shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) in a report released on Tuesday. The firm currently has a $40.00 target price on the basic materials company’s stock.
A number of other research analysts also recently issued reports on TECK. Clarkson Capital restated a buy rating on shares of Teck Resources in a research report on Friday, May 19th. J P Morgan Chase & Co upgraded shares of Teck Resources from a neutral rating to an overweight rating in a research report on Tuesday, May 30th. Bank of America Corporation downgraded shares of Teck Resources from a buy rating to a neutral rating and decreased their target price for the company from $27.00 to $19.00 in a research report on Friday, June 9th. Royal Bank Of Canada restated an outperform rating and set a $38.00 target price (down from $39.00) on shares of Teck Resources in a research report on Friday, June 16th. Finally, Deutsche Bank AG restated a buy rating and set a $23.00 target price (down from $24.00) on shares of Teck Resources in a research report on Sunday, June 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $30.25.
Shares of Teck Resources (TECK) opened at 23.18 on Tuesday. Teck Resources has a 1-year low of $14.56 and a 1-year high of $26.60. The stock has a 50 day moving average price of $23.04 and a 200 day moving average price of $20.40. The stock has a market capitalization of $13.39 billion, a price-to-earnings ratio of 8.32 and a beta of 1.25.
Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, July 27th. The basic materials company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.02. The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.75 billion. Teck Resources had a net margin of 17.93% and a return on equity of 13.01%. Teck Resources’s quarterly revenue was up 62.0% compared to the same quarter last year. Equities research analysts anticipate that Teck Resources will post $3.54 EPS for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.0399 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.69%. Teck Resources’s dividend payout ratio is currently 5.64%.
Hedge funds have recently added to or reduced their stakes in the company. Capital Analysts LLC purchased a new stake in shares of Teck Resources during the second quarter worth about $100,000. Winslow Evans & Crocker Inc. purchased a new stake in shares of Teck Resources during the second quarter worth about $108,000. Financial Architects Inc purchased a new stake in shares of Teck Resources during the second quarter worth about $123,000. PNC Financial Services Group Inc. purchased a new stake in shares of Teck Resources during the second quarter worth about $124,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Teck Resources during the second quarter worth about $164,000. 46.68% of the stock is owned by institutional investors and hedge funds.
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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