Teck Resources Ltd (TECK) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) from a hold rating to a buy rating in a research report released on Thursday morning. The firm currently has $25.00 price objective on the basic materials company’s stock.
According to Zacks, “Teck Resources Limited is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. It is a world leader in the production of copper, metallurgical coal and zinc, a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets. Headquartered in Vancouver, Canada, the company has expertise across the full range of activities related to mining, including exploration, development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. The Company is actively exploring in countries throughout the Americas, Asia Pacific, Europe and Africa. Teck Resources Limited, formerly Teck Cominco Limited, is headquartered in Vancouver, Canada. “
Other analysts have also issued reports about the company. ValuEngine raised Teck Resources from a buy rating to a strong-buy rating in a report on Thursday. BidaskClub lowered Teck Resources from a strong-buy rating to a buy rating in a report on Friday, September 15th. Bank of America Corporation lowered Teck Resources from a buy rating to a neutral rating and lowered their price objective for the company from $27.00 to $19.00 in a report on Friday, June 9th. Deutsche Bank AG reissued a buy rating and issued a $26.00 price objective (up from $24.00) on shares of Teck Resources in a report on Monday, September 25th. Finally, MKM Partners reissued a buy rating and issued a $30.00 price objective on shares of Teck Resources in a report on Wednesday, September 20th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. Teck Resources currently has a consensus rating of Buy and a consensus target price of $31.18.
Teck Resources (NYSE TECK) traded down 0.17% on Thursday, hitting $22.97. The stock had a trading volume of 3,069,121 shares. The company’s 50 day moving average is $22.98 and its 200 day moving average is $20.58. The firm has a market cap of $13.27 billion, a PE ratio of 7.90 and a beta of 1.20. Teck Resources has a 12-month low of $14.56 and a 12-month high of $26.60.
Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.02. The firm had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.75 billion. Teck Resources had a return on equity of 13.01% and a net margin of 17.93%. Teck Resources’s quarterly revenue was up 62.0% on a year-over-year basis. On average, equities research analysts expect that Teck Resources will post $3.52 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were paid a dividend of $0.0399 per share. This represents a $0.16 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Thursday, September 14th. Teck Resources’s dividend payout ratio (DPR) is currently 3.01%.
A number of large investors have recently made changes to their positions in the business. Capital Analysts LLC acquired a new stake in Teck Resources during the 2nd quarter valued at $100,000. Winslow Evans & Crocker Inc. acquired a new stake in Teck Resources during the 2nd quarter valued at $108,000. Financial Architects Inc acquired a new stake in Teck Resources during the 2nd quarter valued at $123,000. PNC Financial Services Group Inc. acquired a new stake in Teck Resources during the 2nd quarter valued at $124,000. Finally, Tower Research Capital LLC TRC acquired a new stake in Teck Resources during the 2nd quarter valued at $164,000. 46.80% of the stock is currently owned by institutional investors.
Teck Resources Company Profile
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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