Teck Resources (NYSE:TECK) Price Target Increased to C$57.00 by Analysts at Raymond James

Teck Resources (NYSE:TECKGet Rating) (TSE:TECK) had its price objective raised by Raymond James from C$56.00 to C$57.00 in a research note published on Monday morning, The Fly reports.

A number of other research analysts have also weighed in on the stock. National Bank Financial cut their target price on shares of Teck Resources from C$55.00 to C$52.50 in a report on Thursday, July 28th. Canaccord Genuity Group upgraded shares of Teck Resources from a hold rating to a buy rating in a research report on Thursday, July 28th. Clarkson Capital reiterated a neutral rating on shares of Teck Resources in a research report on Tuesday, June 14th. Credit Suisse Group cut their price objective on shares of Teck Resources from C$68.00 to C$63.00 in a research report on Tuesday, July 26th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Teck Resources from $48.00 to $47.00 and set a buy rating on the stock in a research report on Thursday, July 7th. One equities research analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $50.86.

Teck Resources Trading Up 2.2 %

TECK stock opened at $31.41 on Monday. The firm has a fifty day moving average price of $31.66 and a 200 day moving average price of $36.00. Teck Resources has a fifty-two week low of $23.88 and a fifty-two week high of $45.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.25 and a current ratio of 1.82. The firm has a market cap of $16.39 billion, a PE ratio of 3.90, a price-to-earnings-growth ratio of 1.08 and a beta of 1.09.

Teck Resources (NYSE:TECKGet Rating) (TSE:TECK) last posted its earnings results on Wednesday, July 27th. The basic materials company reported $3.25 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $1.24. Teck Resources had a net margin of 28.90% and a return on equity of 23.73%. The firm had revenue of $5.79 billion during the quarter, compared to analyst estimates of $5.59 billion. During the same period last year, the firm posted $0.51 earnings per share. Teck Resources’s revenue for the quarter was up 126.2% compared to the same quarter last year. Sell-side analysts anticipate that Teck Resources will post 6.87 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be issued a $0.097 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $0.39 dividend on an annualized basis and a yield of 1.24%. Teck Resources’s dividend payout ratio is presently 4.72%.

Hedge Funds Weigh In On Teck Resources

A number of large investors have recently added to or reduced their stakes in TECK. Assetmark Inc. acquired a new position in shares of Teck Resources during the second quarter valued at about $26,000. Achmea Investment Management B.V. acquired a new position in shares of Teck Resources during the first quarter valued at about $37,000. Optimum Investment Advisors acquired a new position in shares of Teck Resources during the first quarter valued at about $40,000. Kistler Tiffany Companies LLC increased its holdings in shares of Teck Resources by 95.9% during the first quarter. Kistler Tiffany Companies LLC now owns 1,056 shares of the basic materials company’s stock valued at $43,000 after acquiring an additional 517 shares in the last quarter. Finally, Optiver Holding B.V. acquired a new position in shares of Teck Resources during the second quarter valued at about $33,000. 55.01% of the stock is currently owned by institutional investors.

About Teck Resources

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Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.

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