Teck Resources Limited (NYSE:TECK) Raises Dividend to $0.10 Per Share

Teck Resources Limited (NYSE:TECKGet Rating) (TSE:TECK) declared a quarterly dividend on Tuesday, April 26th, Zacks reports. Investors of record on Wednesday, June 15th will be given a dividend of 0.10 per share by the basic materials company on Thursday, June 30th. This represents a $0.40 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend is Tuesday, June 14th. This is a boost from Teck Resources’s previous quarterly dividend of $0.10.

Teck Resources has decreased its dividend payment by an average of 11.1% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Teck Resources has a dividend payout ratio of 45.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Teck Resources to earn $5.36 per share next year, which means the company should continue to be able to cover its $2.50 annual dividend with an expected future payout ratio of 46.6%.

Shares of NYSE TECK opened at $39.29 on Thursday. The company has a current ratio of 1.62, a quick ratio of 0.99 and a debt-to-equity ratio of 0.30. Teck Resources has a one year low of $19.32 and a one year high of $44.93. The business has a 50-day moving average price of $39.39 and a two-hundred day moving average price of $32.99. The firm has a market capitalization of $20.73 billion, a PE ratio of 9.33, a PEG ratio of 0.14 and a beta of 1.19.

Teck Resources (NYSE:TECKGet Rating) (TSE:TECK) last posted its quarterly earnings results on Wednesday, April 27th. The basic materials company reported $2.96 EPS for the quarter, topping the consensus estimate of $1.87 by $1.09. The business had revenue of $5.03 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Teck Resources had a net margin of 21.23% and a return on equity of 13.80%. The firm’s quarterly revenue was up 97.6% compared to the same quarter last year. During the same period last year, the company posted $0.48 earnings per share. Research analysts anticipate that Teck Resources will post 7.57 EPS for the current year.

A number of large investors have recently modified their holdings of the business. Renaissance Technologies LLC acquired a new stake in Teck Resources in the 4th quarter valued at about $2,695,000. Goldman Sachs Group Inc. grew its stake in shares of Teck Resources by 15.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 773,300 shares of the basic materials company’s stock valued at $22,287,000 after purchasing an additional 101,066 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Teck Resources by 91.3% in the fourth quarter. Alliancebernstein L.P. now owns 85,150 shares of the basic materials company’s stock valued at $2,454,000 after purchasing an additional 40,648 shares in the last quarter. Stifel Financial Corp raised its position in Teck Resources by 672.1% in the 4th quarter. Stifel Financial Corp now owns 191,456 shares of the basic materials company’s stock worth $5,517,000 after purchasing an additional 166,659 shares during the last quarter. Finally, Penserra Capital Management LLC acquired a new position in Teck Resources during the 4th quarter worth $68,000. 54.12% of the stock is currently owned by hedge funds and other institutional investors.

TECK has been the topic of several research analyst reports. Canaccord Genuity Group cut shares of Teck Resources from a “buy” rating to a “hold” rating and boosted their price target for the company from C$52.00 to C$54.00 in a report on Tuesday, April 19th. B. Riley upped their target price on Teck Resources from C$57.00 to C$58.00 in a research report on Thursday. Scotiabank lifted their price target on Teck Resources from C$63.00 to C$64.00 in a report on Tuesday, April 19th. Credit Suisse Group upped their price objective on shares of Teck Resources from C$49.53 to C$58.00 in a report on Thursday, April 14th. Finally, BMO Capital Markets lowered their price target on Teck Resources from C$61.00 to C$57.00 in a report on Tuesday, April 12th. Five research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $51.08.

About Teck Resources (Get Rating)

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, Energy, and Corporate segments. The company's principal products include steelmaking coal; copper, gold, blended bitumen, lead, silver, molybdenum, zinc, and zinc concentrates; chemicals, fertilizers, and other metals.

See Also

Dividend History for Teck Resources (NYSE:TECK)

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