Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) had its price objective lowered by Deutsche Bank Aktiengesellschaft from $45.00 to $43.00 in a research report released on Wednesday, The Fly reports. The brokerage currently has a buy rating on the basic materials company’s stock.
Other research analysts have also issued research reports about the company. Morgan Stanley raised Teck Resources from an equal weight rating to an overweight rating and increased their price objective for the company from $41.00 to $51.00 in a report on Friday, September 16th. Canaccord Genuity Group raised Teck Resources from a hold rating to a buy rating in a report on Thursday, July 28th. TD Securities lowered their target price on Teck Resources from C$57.00 to C$55.00 in a report on Thursday, July 28th. BMO Capital Markets lowered their target price on Teck Resources from C$67.00 to C$61.00 in a report on Friday, July 8th. Finally, CIBC raised Teck Resources from a neutral rating to an outperform rating in a report on Wednesday, June 15th. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Teck Resources has a consensus rating of Moderate Buy and an average target price of $50.50.
Teck Resources Stock Performance
Shares of NYSE TECK opened at $30.72 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.25 and a current ratio of 1.82. The firm has a market cap of $16.03 billion, a price-to-earnings ratio of 3.82, a P/E/G ratio of 1.12 and a beta of 1.09. The business’s 50-day simple moving average is $31.55 and its 200-day simple moving average is $36.05. Teck Resources has a 52 week low of $23.88 and a 52 week high of $45.90.
Teck Resources Cuts Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be given a $0.097 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $0.39 annualized dividend and a yield of 1.26%. Teck Resources’s payout ratio is 4.72%.
Hedge Funds Weigh In On Teck Resources
Institutional investors have recently bought and sold shares of the business. Assetmark Inc. bought a new position in Teck Resources in the 2nd quarter valued at $26,000. Achmea Investment Management B.V. bought a new position in Teck Resources in the 1st quarter valued at $37,000. Optimum Investment Advisors bought a new position in Teck Resources in the 1st quarter valued at $40,000. Kistler Tiffany Companies LLC raised its position in Teck Resources by 95.9% in the 1st quarter. Kistler Tiffany Companies LLC now owns 1,056 shares of the basic materials company’s stock valued at $43,000 after purchasing an additional 517 shares during the last quarter. Finally, Optiver Holding B.V. acquired a new stake in shares of Teck Resources in the 2nd quarter valued at $33,000. Institutional investors own 55.01% of the company’s stock.
About Teck Resources
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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