Benchmark Reaffirms “Buy” Rating for Teck Resources (NYSE:TECK)

Benchmark restated their buy rating on shares of Teck Resources (NYSE:TECK) (TSE:TECK) in a research report report published on Thursday, Benzinga reports. Benchmark currently has a $55.00 price target on the basic materials company’s stock.

A number of other equities research analysts also recently weighed in on TECK. JPMorgan Chase & Co. reduced their target price on Teck Resources from $56.00 to $54.00 and set an overweight rating on the stock in a report on Thursday. Morgan Stanley raised their target price on Teck Resources from $55.00 to $60.00 and gave the company an overweight rating in a report on Friday, June 21st. Eight Capital downgraded Teck Resources from a strong-buy rating to a hold rating in a report on Thursday, July 11th. BMO Capital Markets assumed coverage on Teck Resources in a report on Monday, July 15th. They set an outperform rating on the stock. Finally, CIBC raised their price objective on Teck Resources from $70.00 to $80.00 and gave the company an outperformer rating in a report on Friday, July 12th. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $62.40.

Teck Resources Price Performance

Teck Resources stock opened at $47.45 on Thursday. The stock’s fifty day moving average price is $49.07 and its two-hundred day moving average price is $45.46. Teck Resources has a one year low of $34.38 and a one year high of $55.13. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.49 and a quick ratio of 0.86. The firm has a market cap of $24.24 billion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 10.93 and a beta of 1.05.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a return on equity of 6.61% and a net margin of 9.40%. The firm had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter last year, the company earned $0.91 EPS. The company’s revenue was up 10.1% on a year-over-year basis. As a group, research analysts expect that Teck Resources will post 2.03 EPS for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a $0.625 dividend. The ex-dividend date of this dividend is Friday, September 13th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 annualized dividend and a dividend yield of 5.27%. Teck Resources’s dividend payout ratio (DPR) is 16.37%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TECK. FIL Ltd raised its position in shares of Teck Resources by 98.8% in the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after acquiring an additional 5,933,226 shares in the last quarter. Norges Bank bought a new position in shares of Teck Resources in the 4th quarter worth about $172,740,000. AMF Tjanstepension AB raised its position in shares of Teck Resources by 846.6% in the 2nd quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock worth $210,034,000 after acquiring an additional 3,919,984 shares in the last quarter. Asia Research & Capital Management Ltd bought a new stake in Teck Resources in the 1st quarter valued at about $158,976,000. Finally, Principal Financial Group Inc. increased its position in Teck Resources by 115.4% in the 1st quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock valued at $260,584,000 after buying an additional 3,047,570 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

About Teck Resources

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