Teck Resources (NYSE:TECK) Price Target Raised to $43.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price target boosted by JPMorgan Chase & Co. from $41.00 to $43.00 in a research note released on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the basic materials company’s stock.

A number of other research firms have also commented on TECK. Stifel Canada raised Teck Resources to a “hold” rating in a research report on Tuesday, July 8th. Wall Street Zen raised Teck Resources from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 3rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Teck Resources in a research report on Wednesday. Finally, Citigroup reissued a “neutral” rating on shares of Teck Resources in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Teck Resources presently has an average rating of “Hold” and a consensus price target of $54.00.

Teck Resources Trading Down 4.5%

NYSE TECK opened at $41.90 on Thursday. The firm has a market cap of $20.13 billion, a P/E ratio of 110.28, a P/E/G ratio of 0.53 and a beta of 0.92. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.45. The stock’s 50-day moving average is $37.04 and its 200-day moving average is $36.59. Teck Resources has a one year low of $28.32 and a one year high of $51.58.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The company had revenue of $1.49 billion for the quarter, compared to analyst estimates of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.Teck Resources’s revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.79 earnings per share. Sell-side analysts anticipate that Teck Resources will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were given a $0.0918 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.37 dividend on an annualized basis and a yield of 0.9%. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is 94.74%.

Institutional Investors Weigh In On Teck Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of TECK. Sequoia Financial Advisors LLC grew its stake in Teck Resources by 5.6% in the first quarter. Sequoia Financial Advisors LLC now owns 10,354 shares of the basic materials company’s stock valued at $377,000 after purchasing an additional 545 shares in the last quarter. Golden State Wealth Management LLC grew its stake in Teck Resources by 7,560.0% in the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 1,134 shares in the last quarter. Cetera Investment Advisers grew its stake in Teck Resources by 20.9% in the first quarter. Cetera Investment Advisers now owns 69,885 shares of the basic materials company’s stock valued at $2,546,000 after purchasing an additional 12,092 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in Teck Resources by 22.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 12,141 shares of the basic materials company’s stock valued at $442,000 after purchasing an additional 2,240 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in Teck Resources by 1,611.2% in the first quarter. Wellington Management Group LLP now owns 751,146 shares of the basic materials company’s stock valued at $27,358,000 after purchasing an additional 707,249 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.