Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) shares saw unusually-strong trading volume on Friday . Approximately 256,876 shares changed hands during trading, a decline of 93% from the previous session’s volume of 3,600,059 shares.The stock last traded at $32.17 and had previously closed at $32.35.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on TECK shares. Canaccord Genuity Group upgraded Teck Resources from a “hold” rating to a “buy” rating in a research note on Thursday, July 28th. National Bank Financial reduced their price target on Teck Resources from C$55.00 to C$52.50 in a research note on Thursday, July 28th. TD Securities reduced their price target on Teck Resources from C$57.00 to C$55.00 in a research note on Thursday, July 28th. Morgan Stanley upgraded Teck Resources from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $41.00 to $51.00 in a research note on Friday. Finally, Royal Bank of Canada cut their target price on Teck Resources from C$67.00 to C$60.00 in a research report on Thursday, July 28th. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.66.
Teck Resources Stock Down 0.8 %
The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.25. The stock has a market capitalization of $16.74 billion, a P/E ratio of 3.99, a P/E/G ratio of 1.08 and a beta of 1.09. The firm has a 50-day simple moving average of $31.21 and a 200 day simple moving average of $36.20.
Teck Resources Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be given a dividend of $0.097 per share. The ex-dividend date is Wednesday, September 14th. This represents a $0.39 dividend on an annualized basis and a dividend yield of 1.21%. Teck Resources’s dividend payout ratio (DPR) is 4.72%.
Hedge Funds Weigh In On Teck Resources
Hedge funds have recently made changes to their positions in the stock. Assetmark Inc. bought a new position in shares of Teck Resources during the second quarter worth about $26,000. Achmea Investment Management B.V. bought a new stake in Teck Resources in the first quarter worth approximately $37,000. Optimum Investment Advisors bought a new stake in Teck Resources in the first quarter worth approximately $40,000. Kistler Tiffany Companies LLC increased its holdings in Teck Resources by 95.9% in the first quarter. Kistler Tiffany Companies LLC now owns 1,056 shares of the basic materials company’s stock worth $43,000 after purchasing an additional 517 shares in the last quarter. Finally, Optiver Holding B.V. bought a new stake in Teck Resources in the second quarter worth approximately $33,000. 55.01% of the stock is currently owned by institutional investors.
Teck Resources Company Profile
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, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.
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