BMO Capital Markets Trims Teck Resources (NYSE:TECK) Target Price to C$48.00

Teck Resources (NYSE:TECKGet Rating) (TSE:TECK) had its price objective lowered by BMO Capital Markets from C$50.00 to C$48.00 in a research report released on Thursday, The Fly reports.

TECK has been the subject of several other research reports. Barclays dropped their price target on shares of Teck Resources from C$50.00 to C$42.00 in a research note on Tuesday, July 19th. Scotiabank dropped their price target on shares of Teck Resources from C$57.00 to C$54.00 in a research note on Thursday, July 28th. Clarkson Capital reaffirmed a neutral rating on shares of Teck Resources in a research note on Tuesday, June 14th. Raymond James raised their price target on shares of Teck Resources from C$56.00 to C$57.00 in a research note on Monday. Finally, CIBC raised shares of Teck Resources from a neutral rating to an outperform rating in a research note on Wednesday, June 15th. One research analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $50.86.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $31.41 on Thursday. The company has a market cap of $16.39 billion, a price-to-earnings ratio of 3.90, a PEG ratio of 1.08 and a beta of 1.09. 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 firm has a 50 day simple moving average of $31.66 and a 200 day simple moving average of $36.00. Teck Resources has a one year low of $23.88 and a one year high of $45.90.

Teck Resources (NYSE:TECKGet Rating) (TSE:TECK) last issued its quarterly earnings data on Wednesday, July 27th. The basic materials company reported $3.25 EPS for the quarter, beating the consensus estimate of $2.01 by $1.24. The business had revenue of $5.79 billion during the quarter, compared to the consensus estimate of $5.59 billion. Teck Resources had a net margin of 28.90% and a return on equity of 23.73%. The firm’s revenue was up 126.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.51 EPS. Research analysts predict that Teck Resources will post 6.87 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be issued a $0.097 dividend. This represents a $0.39 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Wednesday, September 14th. Teck Resources’s payout ratio is 4.72%.

Institutional Investors Weigh In On Teck Resources

A number of large investors have recently bought and sold shares of the stock. Atlas Capital Advisors LLC grew its holdings in Teck Resources by 4.5% in the first quarter. Atlas Capital Advisors LLC now owns 6,777 shares of the basic materials company’s stock worth $274,000 after purchasing an additional 289 shares during the period. Wetherby Asset Management Inc. grew its holdings in Teck Resources by 1.0% in the first quarter. Wetherby Asset Management Inc. now owns 33,971 shares of the basic materials company’s stock worth $1,372,000 after purchasing an additional 323 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Teck Resources by 4.4% during the first quarter. PNC Financial Services Group Inc. now owns 8,067 shares of the basic materials company’s stock valued at $327,000 after buying an additional 341 shares during the last quarter. RBA Wealth Management LLC grew its holdings in shares of Teck Resources by 0.3% during the second quarter. RBA Wealth Management LLC now owns 132,789 shares of the basic materials company’s stock valued at $4,059,000 after buying an additional 387 shares during the last quarter. Finally, Advisory Services Network LLC grew its holdings in shares of Teck Resources by 2.3% during the first quarter. Advisory Services Network LLC now owns 17,629 shares of the basic materials company’s stock valued at $712,000 after buying an additional 391 shares during the last quarter. 55.01% of the stock is currently owned by institutional investors and hedge funds.

About Teck Resources

(Get Rating)

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.

Read More

The Fly logo

Analyst Recommendations for Teck Resources (NYSE:TECK)

Receive News & Ratings for Teck Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teck Resources and related companies with MarketBeat.com's FREE daily email newsletter.