Teck Resources (NYSE:TECK) Price Target Raised to $64.00 at Bank of America

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price upped by Bank of America from $62.00 to $64.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the basic materials company’s stock.

A number of other brokerages also recently commented on TECK. National Bank Financial downgraded shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Raymond James reduced their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. JPMorgan Chase & Co. decreased their target price on Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Finally, UBS Group downgraded Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Six investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Teck Resources presently has an average rating of “Moderate Buy” and an average target price of $65.22.

Teck Resources Price Performance

Shares of TECK stock opened at $40.03 on Monday. The stock has a 50 day moving average price of $41.70 and a 200 day moving average price of $45.09. Teck Resources has a 52-week low of $36.54 and a 52-week high of $55.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The firm has a market capitalization of $19.88 billion, a P/E ratio of 72.78 and a beta of 0.93.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.07. The firm had revenue of $1.99 billion during the quarter, compared to analyst estimates of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. As a group, sell-side analysts predict that Teck Resources will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.0879 per share. This represents a $0.35 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend is Friday, March 14th. Teck Resources’s payout ratio is currently 61.82%.

Hedge Funds Weigh In On Teck Resources

Large investors have recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC purchased a new position in shares of Teck Resources in the 4th quarter worth approximately $25,000. Global Trust Asset Management LLC acquired a new stake in Teck Resources in the fourth quarter valued at approximately $27,000. FPC Investment Advisory Inc. purchased a new position in Teck Resources in the fourth quarter worth $27,000. Community Bank N.A. purchased a new position in Teck Resources in the fourth quarter worth $33,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Teck Resources during the third quarter worth $40,000. 78.06% of the stock is currently 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.