Deutsche Bank Aktiengesellschaft Trims Teck Resources (NYSE:TECK) Target Price to $45.00

Posted by MarketBeat News on Aug 1st, 2022

Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) had its price objective cut by Deutsche Bank Aktiengesellschaft from $47.00 to $45.00 in a research report sent to investors on Thursday, The Fly reports. They currently have a maintains rating on the basic materials company’s stock.

TECK has been the subject of a number of other research reports. BMO Capital Markets lowered their target price on Teck Resources from C$67.00 to C$61.00 in a research note on Friday, July 8th. TheStreet raised Teck Resources from a c+ rating to a b- rating in a research report on Friday, May 27th. StockNews.com started coverage on Teck Resources in a research report on Thursday, March 31st. They set a buy rating for the company. Stifel Nicolaus lowered their price target on Teck Resources from C$68.00 to C$62.00 in a research report on Tuesday, July 19th. Finally, Clarkson Capital reaffirmed a neutral rating on shares of Teck Resources in a research report on Tuesday, June 14th. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $49.83.

Teck Resources Price Performance

TECK opened at $29.39 on Thursday. The stock has a 50-day moving average price of $34.27 and a 200-day moving average price of $36.56. Teck Resources has a 12-month low of $19.32 and a 12-month high of $45.90. The company has a current ratio of 1.92, a quick ratio of 1.34 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $15.33 billion, a P/E ratio of 4.87, a PEG ratio of 1.83 and a beta of 1.25.

Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last posted its quarterly earnings data on Wednesday, July 27th. The basic materials company reported $3.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $1.24. Teck Resources had a return on equity of 18.76% and a net margin of 25.82%. The firm had revenue of $5.79 billion during the quarter, compared to analysts’ expectations of $5.59 billion. During the same period in the prior year, the business earned $0.51 EPS. The company’s revenue for the quarter was up 126.2% compared to the same quarter last year. Equities analysts predict that Teck Resources will post 7.14 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be issued a $0.097 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $0.39 dividend on an annualized basis and a yield of 1.32%. Teck Resources’s dividend payout ratio is currently 6.63%.

Institutional Investors Weigh In On Teck Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Koshinski Asset Management Inc. purchased a new position in shares of Teck Resources during the first quarter valued at about $70,000. Robotti Robert purchased a new position in shares of Teck Resources during the fourth quarter valued at approximately $2,882,000. First Trust Advisors LP purchased a new position in shares of Teck Resources during the fourth quarter valued at approximately $1,506,000. AlphaCrest Capital Management LLC boosted its position in shares of Teck Resources by 378.1% during the fourth quarter. AlphaCrest Capital Management LLC now owns 51,254 shares of the basic materials company’s stock valued at $1,477,000 after buying an additional 40,534 shares during the period. Finally, Dodge & Cox boosted its position in shares of Teck Resources by 3.6% during the fourth quarter. Dodge & Cox now owns 24,098,340 shares of the basic materials company’s stock valued at $694,514,000 after buying an additional 829,000 shares during the period. 55.81% of the stock is owned by institutional investors.

Teck Resources Company Profile

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Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, Energy, and Corporate segments. The company's principal products include steelmaking coal; copper, gold, blended bitumen, lead, silver, molybdenum, zinc, and zinc concentrates; chemicals, fertilizers, and other metals.