Teck Resources (NYSE:TECK) Upgraded at Zacks Research

Zacks Research upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a hold rating to a strong-buy rating in a research note released on Monday,Zacks.com reports.

TECK has been the topic of a number of other research reports. Benchmark raised their price objective on shares of Teck Resources from $48.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, February 23rd. National Bank Financial downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 5th. UBS Group reiterated a “buy” rating on shares of Teck Resources in a research note on Tuesday, January 27th. Truist Financial set a $67.00 price target on shares of Teck Resources in a research report on Monday, February 23rd. Finally, Citigroup upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Monday, February 2nd. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.00.

Teck Resources Trading Up 3.7%

TECK opened at $50.37 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.54. Teck Resources has a one year low of $28.32 and a one year high of $62.41. The company has a market cap of $24.25 billion, a P/E ratio of 24.94, a PEG ratio of 2.96 and a beta of 0.77. The business’s 50-day simple moving average is $54.54 and its 200-day simple moving average is $47.35.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.39. The firm 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.45 earnings per share. As a group, equities research analysts expect that Teck Resources will post 1.53 EPS for the current fiscal year.

Teck Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, March 13th. Teck Resources’s dividend payout ratio is presently 18.32%.

Hedge Funds Weigh In On Teck Resources

Institutional investors have recently modified their holdings of the business. Brown Brothers Harriman & Co. acquired a new stake in Teck Resources during the 4th quarter worth $25,000. Versant Capital Management Inc purchased a new position in Teck Resources during the 3rd quarter worth $26,000. Smartleaf Asset Management LLC increased its stake in Teck Resources by 72.4% in the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 351 shares during the period. SouthState Bank Corp acquired a new position in Teck Resources in the third quarter valued at $50,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Teck Resources by 43.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company’s stock valued at $76,000 after buying an additional 524 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

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.