Teck Resources (NYSE:TECK) Coverage Initiated by Analysts at Desjardins

Desjardins assumed coverage on shares of Teck Resources (NYSE:TECK) (TSE:TECK) in a report released on Friday, MarketBeat reports. The brokerage issued a buy rating on the basic materials company’s stock.

Several other equities analysts also recently weighed in on TECK. National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Bank of America boosted their target price on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, March 10th. JPMorgan Chase & Co. lowered their price target on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Finally, Raymond James reduced their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $65.22.

Teck Resources Trading Down 12.1 %

Shares of TECK stock opened at $29.97 on Friday. Teck Resources has a fifty-two week low of $29.26 and a fifty-two week high of $55.13. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $40.72 and a 200-day simple moving average of $44.26. The stock has a market cap of $14.83 billion, a P/E ratio of 54.48 and a beta of 0.81.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.58 billion. On average, analysts forecast that Teck Resources will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.0879 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a dividend yield of 1.17%. Teck Resources’s dividend payout ratio (DPR) is 61.82%.

Institutional Trading of Teck Resources

A number of institutional investors and hedge funds have recently bought and sold shares of TECK. Stonebridge Financial Group LLC purchased a new stake in Teck Resources during the fourth quarter worth approximately $25,000. Global Trust Asset Management LLC acquired a new position in shares of Teck Resources during the 4th quarter valued at $27,000. FPC Investment Advisory Inc. purchased a new stake in Teck Resources during the 4th quarter worth $27,000. Community Bank N.A. purchased a new position in Teck Resources in the fourth quarter valued at about $33,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Teck Resources in the third quarter valued at about $40,000. 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.