Teck Resources (NYSE:TECK) Price Target Raised to $67.00 at Benchmark

Teck Resources (NYSE:TECK) (TSE:TECK) had its price objective lifted by Benchmark from $48.00 to $67.00 in a research note released on Monday morning, Marketbeat reports. The brokerage currently has a buy rating on the basic materials company’s stock.

Several other analysts also recently commented on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $46.00 price objective on shares of Teck Resources in a research report on Wednesday, November 26th. JPMorgan Chase & Co. raised their price target on shares of Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a report on Friday, December 5th. TD Securities downgraded shares of Teck Resources from a “buy” rating to a “hold” rating in a research note on Thursday, January 22nd. UBS Group reissued a “buy” rating on shares of Teck Resources in a research report on Tuesday, January 27th. Finally, Raymond James Financial downgraded Teck Resources from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $58.00.

Teck Resources Stock Performance

TECK stock opened at $59.11 on Monday. The firm has a market cap of $28.45 billion, a PE ratio of 29.26, a price-to-earnings-growth ratio of 0.56 and a beta of 0.79. The company has a current ratio of 2.54, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average price of $52.37 and a 200-day moving average price of $44.38. Teck Resources has a 1-year low of $28.32 and a 1-year high of $60.75.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, February 19th. The basic materials company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.59 by $0.39. The business had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.28 billion. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.The firm’s revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.45 earnings per share. As a group, equities research analysts expect that Teck Resources will post 1.53 earnings per share for the current year.

Teck Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. Teck Resources’s dividend payout ratio is 17.82%.

Institutional Investors Weigh In On Teck Resources

Institutional investors have recently bought and sold shares of the stock. Brown Brothers Harriman & Co. bought a new stake in Teck Resources in the fourth quarter worth about $25,000. Versant Capital Management Inc purchased a new stake in shares of Teck Resources during the 3rd quarter worth approximately $26,000. Smartleaf Asset Management LLC increased its stake in shares of Teck Resources by 72.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 351 shares during the last quarter. SouthState Bank Corp bought a new stake in shares of Teck Resources in the 3rd quarter worth approximately $50,000. Finally, Tobam purchased a new position in Teck Resources in the second quarter valued at approximately $62,000. Institutional investors own 78.06% of the company’s stock.

About Teck Resources

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.