Teck Resources (NYSE:TECK) Stock Price Up 2.9% – Should You Buy?

Teck Resources Ltd (NYSE:TECK) (TSE:TECK)’s share price rose 2.9% on Friday . The company traded as high as $47.94 and last traded at $47.8910. Approximately 544,508 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 4,187,324 shares. The stock had previously closed at $46.55.

Analysts Set New Price Targets

TECK has been the subject of several research reports. UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. lifted their price target on Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a research note on Friday, December 5th. Veritas downgraded Teck Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Citigroup restated a “neutral” rating on shares of Teck Resources in a report on Wednesday, October 8th. Finally, Benchmark reaffirmed a “buy” rating on shares of Teck Resources in a research note on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Teck Resources has an average rating of “Hold” and an average target price of $55.71.

Teck Resources Stock Performance

The firm’s fifty day moving average price is $43.05 and its 200 day moving average price is $39.60. The company has a current ratio of 2.78, a quick ratio of 2.08 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $22.98 billion, a price-to-earnings ratio of 26.86, a price-to-earnings-growth ratio of 0.69 and a beta of 0.83.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.16. Teck Resources had a net margin of 11.93% and a return on equity of 4.14%. The firm had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the prior year, the firm earned $0.60 EPS. The firm’s revenue for the quarter was up 18.4% on a year-over-year basis. Analysts forecast that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a dividend of $0.125 per share. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.50 annualized dividend and a dividend yield of 1.0%. Teck Resources’s dividend payout ratio is presently 20.22%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Teck Resources in the second quarter valued at approximately $437,657,000. 1832 Asset Management L.P. raised its holdings in shares of Teck Resources by 1,555.9% in the second quarter. 1832 Asset Management L.P. now owns 5,738,457 shares of the basic materials company’s stock worth $231,719,000 after acquiring an additional 5,391,907 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Teck Resources by 36.1% during the third quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock valued at $740,604,000 after buying an additional 4,474,637 shares during the period. Wellington Management Group LLP increased its stake in shares of Teck Resources by 264.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock valued at $253,695,000 after acquiring an additional 4,194,868 shares during the last quarter. Finally, Pentwater Capital Management LP grew its position in Teck Resources by 7,150.0% during the third quarter. Pentwater Capital Management LP now owns 2,900,000 shares of the basic materials company’s stock valued at $127,281,000 after acquiring an additional 2,860,000 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.