Teck Resources (NYSE:TECK) Upgraded to “Overweight” by Morgan Stanley

Morgan Stanley upgraded shares of Teck Resources (NYSE:TECKGet Rating) (TSE:TECK) from an equal weight rating to an overweight rating in a research note released on Friday, MarketBeat reports. They currently have $51.00 price target on the basic materials company’s stock, up from their previous price target of $41.00.

Other equities research analysts have also recently issued reports about the stock. TD Securities reduced their target price on shares of Teck Resources from C$57.00 to C$55.00 in a research report on Thursday, July 28th. Credit Suisse Group dropped their price objective on shares of Teck Resources from C$68.00 to C$63.00 in a report on Tuesday, July 26th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Teck Resources from $48.00 to $47.00 and set a buy rating for the company in a report on Thursday, July 7th. Canaccord Genuity Group raised shares of Teck Resources from a hold rating to a buy rating in a report on Thursday, July 28th. Finally, Clarkson Capital reissued a neutral rating on shares of Teck Resources in a report on Tuesday, June 14th. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, Teck Resources has an average rating of Moderate Buy and an average price target of $50.66.

Teck Resources Price Performance

Shares of NYSE TECK opened at $32.08 on Friday. The firm has a 50-day simple moving average of $31.21 and a 200-day simple moving average of $36.22. The stock has a market capitalization of $16.74 billion, a price-to-earnings ratio of 3.99, a price-to-earnings-growth ratio of 1.13 and a beta of 1.09. The company has a quick ratio of 1.25, a current ratio of 1.82 and a debt-to-equity ratio of 0.25. Teck Resources has a 52 week low of $22.75 and a 52 week high of $45.90.

Teck Resources (NYSE:TECKGet Rating) (TSE:TECK) last issued its earnings results on Wednesday, July 27th. The basic materials company reported $3.25 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $1.24. The business had revenue of $5.79 billion during the quarter, compared to analysts’ expectations of $5.59 billion. Teck Resources had a net margin of 28.90% and a return on equity of 23.73%. The company’s quarterly revenue was up 126.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.51 earnings per share. On average, equities analysts predict that Teck Resources will post 6.83 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be given a dividend of $0.097 per share. The ex-dividend date is Wednesday, September 14th. This represents a $0.39 annualized dividend and a dividend yield of 1.21%. Teck Resources’s dividend payout ratio is presently 4.72%.

Institutional Trading of Teck Resources

Several hedge funds have recently added to or reduced their stakes in TECK. HighTower Advisors LLC raised its holdings in Teck Resources by 305.7% in the fourth quarter. HighTower Advisors LLC now owns 75,098 shares of the basic materials company’s stock valued at $2,166,000 after acquiring an additional 56,585 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Teck Resources by 25.7% in the fourth quarter. Acadian Asset Management LLC now owns 9,300 shares of the basic materials company’s stock valued at $267,000 after acquiring an additional 1,900 shares in the last quarter. Pictet Asset Management SA raised its holdings in Teck Resources by 7.6% in the fourth quarter. Pictet Asset Management SA now owns 143,667 shares of the basic materials company’s stock valued at $4,143,000 after acquiring an additional 10,093 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Teck Resources by 28.5% in the fourth quarter. JPMorgan Chase & Co. now owns 3,171,705 shares of the basic materials company’s stock valued at $91,408,000 after acquiring an additional 704,052 shares in the last quarter. Finally, Ensign Peak Advisors Inc raised its holdings in Teck Resources by 6.4% in the fourth quarter. Ensign Peak Advisors Inc now owns 21,588 shares of the basic materials company’s stock valued at $623,000 after acquiring an additional 1,300 shares in the last quarter. Institutional investors and hedge funds own 55.01% of the company’s stock.

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, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.

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Analyst Recommendations for Teck Resources (NYSE:TECK)

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