Teck Resources (NYSE:TECK) Raised to Hold at Citigroup

Citigroup upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) to a hold rating in a research report sent to investors on Wednesday, Zacks.com reports.

TECK has been the subject of a number of other research reports. Benchmark reissued a buy rating and issued a $55.00 target price on shares of Teck Resources in a research report on Thursday, July 25th. StockNews.com downgraded shares of Teck Resources from a hold rating to a sell rating in a report on Wednesday, September 25th. Morgan Stanley increased their target price on shares of Teck Resources from $55.00 to $60.00 and gave the stock an overweight rating in a research report on Friday, June 21st. UBS Group upgraded shares of Teck Resources from a neutral rating to a buy rating and lifted their price target for the company from $76.00 to $78.00 in a research report on Wednesday, September 4th. Finally, TD Securities raised Teck Resources to a strong-buy rating in a research report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Teck Resources currently has a consensus rating of Moderate Buy and a consensus price target of $65.00.

Teck Resources Stock Up 0.9 %

Teck Resources stock opened at $51.82 on Wednesday. Teck Resources has a twelve month low of $34.38 and a twelve month high of $55.13. The stock has a market cap of $26.36 billion, a P/E ratio of 22.93 and a beta of 1.02. The company’s 50-day moving average price is $47.76 and its two-hundred day moving average price is $48.30. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. The company had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.91 earnings per share. As a group, analysts expect that Teck Resources will post 2.02 EPS for the current year.

Teck Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a dividend of $0.625 per share. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 annualized dividend and a yield of 4.82%. The ex-dividend date was Friday, September 13th. Teck Resources’s payout ratio is currently 16.37%.

Institutional Investors Weigh In On Teck Resources

A number of large investors have recently modified their holdings of TECK. Hexagon Capital Partners LLC lifted its position in shares of Teck Resources by 143.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after buying an additional 386 shares during the last quarter. Creekmur Asset Management LLC bought a new position in shares of Teck Resources in the fourth quarter worth about $35,000. Headlands Technologies LLC acquired a new stake in shares of Teck Resources in the 2nd quarter valued at approximately $38,000. Blue Trust Inc. grew its holdings in shares of Teck Resources by 583.1% during the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after purchasing an additional 898 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its position in Teck Resources by 69.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 409 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.