Teck Resources (NYSE:TECK) Price Target Raised to C$75.00

Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) had its target price raised by Scotiabank from C$70.00 to C$75.00 in a report issued on Tuesday, The Fly reports.

A number of other equities analysts have also recently weighed in on TECK. TD Securities upped their price objective on shares of Teck Resources from C$67.00 to C$71.00 in a research report on Thursday, February 23rd. National Bank Financial upped their price objective on shares of Teck Resources from C$65.00 to C$70.00 in a research report on Monday, February 13th. StockNews.com cut shares of Teck Resources from a buy rating to a hold rating in a research report on Friday, January 13th. B. Riley reduced their price objective on shares of Teck Resources from C$56.00 to C$54.00 in a research report on Wednesday, February 1st. Finally, Citigroup increased their target price on shares of Teck Resources from C$45.00 to C$55.00 in a research report on Wednesday, January 11th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $56.50.

Teck Resources Stock Performance

Shares of NYSE TECK opened at $36.45 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 1.41. The company’s fifty day moving average price is $41.08 and its 200 day moving average price is $36.54. The company has a market capitalization of $18.45 billion, a PE ratio of 7.63, a price-to-earnings-growth ratio of 1.27 and a beta of 1.09. Teck Resources has a 1 year low of $24.72 and a 1 year high of $46.90.

Teck Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be paid a dividend of $0.094 per share. This represents a $0.38 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend is Tuesday, March 14th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is 7.53%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Bornite Capital Management LP purchased a new position in shares of Teck Resources in the first quarter valued at approximately $14,136,000. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Teck Resources by 8.2% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 39,024 shares of the basic materials company’s stock valued at $1,576,000 after purchasing an additional 2,966 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Teck Resources by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 527,062 shares of the basic materials company’s stock valued at $21,288,000 after purchasing an additional 3,812 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Teck Resources by 10.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 17,270 shares of the basic materials company’s stock valued at $698,000 after purchasing an additional 1,591 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Teck Resources by 4.4% in 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 purchasing an additional 341 shares during the period. Hedge funds and other institutional investors own 56.15% of the company’s stock.

About Teck Resources

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Teck Resources Limited is a resource company, which engages in mining and development of mineral properties. It organized into business units focused on steelmaking coal, copper, zinc, and energy. The firm also offers lead, silver, molybdenum and various specialty and other metals, chemicals and fertilizers.