Teck Resources (NYSE:TECK) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a hold rating to a strong-buy rating in a research report report published on Monday morning,Zacks.com reports.

Several other analysts have also issued reports on the company. Benchmark boosted their target price on Teck Resources from $48.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, February 23rd. Veritas upgraded Teck Resources from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, January 15th. Truist Financial set a $67.00 price objective on Teck Resources in a research note on Monday, February 23rd. Citigroup upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Monday, February 2nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $46.00 target price on shares of Teck Resources in a research note on Wednesday, November 26th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Teck Resources Trading Up 0.6%

Shares of TECK stock opened at $48.50 on Monday. The company has a quick ratio of 1.91, a current ratio of 2.54 and a debt-to-equity ratio of 0.13. The firm has a market cap of $23.35 billion, a P/E ratio of 24.01, a PEG ratio of 2.94 and a beta of 0.77. The company has a 50 day moving average of $54.57 and a 200-day moving average of $47.33. Teck Resources has a 12-month low of $28.32 and a 12-month high of $62.41.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.59 by $0.39. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.28 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. Teck Resources’s revenue for the quarter was up 9.8% on a year-over-year basis. Sell-side analysts anticipate that Teck Resources will post 1.53 earnings per share for the current year.

Teck Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a $0.125 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.50 annualized dividend and a dividend yield of 1.0%. Teck Resources’s payout ratio is 18.32%.

Institutional Trading of Teck Resources

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Teck Resources by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock worth $966,370,000 after purchasing an additional 278,481 shares during the period. Principal Financial Group Inc. increased its position in shares of Teck Resources by 11.6% during the fourth quarter. Principal Financial Group Inc. now owns 18,832,299 shares of the basic materials company’s stock valued at $902,769,000 after buying an additional 1,953,070 shares during the period. Davis Selected Advisers lifted its holdings in shares of Teck Resources by 9.0% in the fourth quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock worth $575,620,000 after buying an additional 995,947 shares in the last quarter. Norges Bank bought a new position in shares of Teck Resources in the second quarter valued at approximately $437,657,000. Finally, Hancock Prospecting Pty Ltd boosted its position in shares of Teck Resources by 31.7% in the fourth quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock valued at $493,185,000 after acquiring an additional 2,477,344 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.