Brokerages Set Teck Resources Limited (NYSE:TECK) Price Target at $65.22

Shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) have been given an average recommendation of “Moderate Buy” by the thirteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $65.22.

Several research firms have weighed in on TECK. Bank of America boosted their target price on shares of Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Raymond James dropped their target price on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. National Bank Financial downgraded shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th.

Hedge Funds Weigh In On Teck Resources

Several large investors have recently made changes to their positions in the company. PKO Investment Management Joint Stock Co acquired a new position in shares of Teck Resources in the 4th quarter valued at $500,000. Employees Retirement System of Texas acquired a new position in shares of Teck Resources in the 4th quarter valued at $230,000. Ameriflex Group Inc. acquired a new position in shares of Teck Resources in the 4th quarter valued at $50,000. Mackenzie Financial Corp lifted its stake in shares of Teck Resources by 7.4% in the 4th quarter. Mackenzie Financial Corp now owns 5,882,543 shares of the basic materials company’s stock valued at $238,245,000 after purchasing an additional 404,095 shares during the period. Finally, Vise Technologies Inc. lifted its stake in shares of Teck Resources by 14.6% in the 4th quarter. Vise Technologies Inc. now owns 5,942 shares of the basic materials company’s stock valued at $241,000 after purchasing an additional 757 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Stock Down 2.2 %

Shares of Teck Resources stock opened at $41.53 on Friday. The company has a market cap of $20.90 billion, a P/E ratio of 75.50 and a beta of 0.93. Teck Resources has a 52-week low of $36.54 and a 52-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 firm’s 50 day moving average price is $41.79 and its 200-day moving average price is $44.78.

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

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.0879 dividend. This represents a $0.35 annualized dividend and a dividend yield of 0.85%. The ex-dividend date is Friday, March 14th. Teck Resources’s dividend payout ratio is currently 61.82%.

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.