Teck Resources (NYSE:TECK) Shares Down 3.3%

Posted by Defense World Staff on May 25th, 2023

Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) shares dropped 3.3% during trading on Tuesday . The company traded as low as $40.90 and last traded at $40.91. Approximately 595,379 shares traded hands during trading, a decline of 87% from the average daily volume of 4,734,052 shares. The stock had previously closed at $42.29.

Wall Street Analysts Forecast Growth

TECK has been the subject of a number of recent research reports. Scotiabank reissued a “sector outperform” rating on shares of Teck Resources in a report on Thursday, April 13th. B. Riley boosted their target price on Teck Resources from C$66.00 to C$68.00 in a research note on Friday, April 28th. Deutsche Bank Aktiengesellschaft boosted their target price on Teck Resources from $46.00 to $47.00 in a research note on Wednesday, May 3rd. 92 Resources restated a “maintains” rating on shares of Teck Resources in a research note on Thursday, April 27th. Finally, Raymond James boosted their target price on Teck Resources to C$69.00 in a research note on Thursday, April 27th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $61.86.

Teck Resources Trading Down 3.7 %

The stock has a market cap of $19.93 billion, a P/E ratio of 9.35, a PEG ratio of 1.39 and a beta of 1.06. The firm’s fifty day moving average price is $41.99 and its two-hundred day moving average price is $39.85. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 0.80.

Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last released its quarterly earnings results on Tuesday, February 21st. The basic materials company reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.17). The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a return on equity of 15.71% and a net margin of 16.80%. As a group, equities research analysts forecast that Teck Resources Limited will post 4.88 EPS for the current year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be issued a $0.125 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $0.50 annualized dividend and a dividend yield of 1.29%. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is presently 8.89%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Aviva PLC increased its stake in Teck Resources by 54.0% in the fourth quarter. Aviva PLC now owns 328,819 shares of the basic materials company’s stock valued at $12,434,000 after acquiring an additional 115,363 shares during the last quarter. Hollencrest Capital Management bought a new position in Teck Resources in the fourth quarter valued at $38,000. Thrivent Financial for Lutherans bought a new position in Teck Resources in the fourth quarter valued at $2,920,000. Advisors Asset Management Inc. increased its stake in Teck Resources by 71.2% in the third quarter. Advisors Asset Management Inc. now owns 10,151 shares of the basic materials company’s stock valued at $309,000 after acquiring an additional 4,220 shares during the last quarter. Finally, CWM LLC increased its stake in Teck Resources by 41.1% in the fourth quarter. CWM LLC now owns 2,635 shares of the basic materials company’s stock valued at $100,000 after acquiring an additional 768 shares during the last quarter. Institutional investors own 56.15% of the company’s stock.

About Teck Resources

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Teck Resources Limited is a resource company, which engages in the exploration, acquisition, development, production, and sale of natural resources, Its products include steelmaking coal, copper, zinc, industrial products and fertilizers, and other metals. Its project operations are located in Canada, Peru, Chile, and US.