Teck Resources (NYSE:TECK) Research Coverage Started at Desjardins

Desjardins initiated coverage on shares of Teck Resources (NYSE:TECK) (TSE:TECK) in a research note released on Friday morning, Marketbeat Ratings reports. The brokerage issued a buy rating on the basic materials company’s stock.

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

Teck Resources Stock Down 12.1 %

Shares of NYSE:TECK opened at $29.97 on Friday. Teck Resources has a 1 year low of $29.26 and a 1 year high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The business’s 50-day moving average is $40.72 and its 200-day moving average is $44.23. The company has a market capitalization of $14.83 billion, a price-to-earnings ratio of 54.48 and a beta of 0.81.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued 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. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. Equities research analysts predict that Teck Resources will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

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

Hedge Funds Weigh In On Teck Resources

Several hedge funds have recently modified their holdings of the company. Stonebridge Financial Group LLC purchased a new stake in shares of Teck Resources during the fourth quarter valued at approximately $25,000. Global Trust Asset Management LLC bought a new position in Teck Resources in the 4th quarter valued at $27,000. FPC Investment Advisory Inc. purchased a new stake in shares of Teck Resources during the 4th quarter valued at $27,000. Community Bank N.A. bought a new stake in shares of Teck Resources during the 4th quarter worth $33,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Teck Resources in the 3rd quarter worth about $40,000. Institutional investors own 78.06% of the company’s stock.

Teck Resources Company Profile

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.