Teck Resources (NYSE:TECK) Upgraded at UBS Group

UBS Group upgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a neutral rating to a buy rating in a report published on Wednesday, MarketBeat.com reports. They currently have $78.00 price target on the basic materials company’s stock, up from their prior price target of $76.00.

Several other equities research analysts have also recently commented on the stock. BMO Capital Markets began coverage on shares of Teck Resources in a research report on Monday, July 15th. They issued an outperform rating on the stock. Benchmark reissued a buy rating and set a $55.00 target price on shares of Teck Resources in a research note on Thursday, July 25th. Eight Capital lowered shares of Teck Resources from a strong-buy rating to a hold rating in a research report on Thursday, July 11th. TD Securities upgraded Teck Resources to a strong-buy rating in a research report on Tuesday, July 16th. Finally, JPMorgan Chase & Co. decreased their target price on Teck Resources from $56.00 to $54.00 and set an overweight rating on the stock in a report on Thursday, July 25th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Teck Resources has an average rating of Moderate Buy and a consensus target price of $65.00.

Teck Resources Price Performance

NYSE TECK opened at $43.49 on Wednesday. Teck Resources has a 12 month low of $34.38 and a 12 month high of $55.13. The firm has a market capitalization of $22.25 billion, a PE ratio of 19.24 and a beta of 1.01. The company’s 50 day simple moving average is $47.45 and its 200 day simple moving average is $47.15. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The firm had revenue of $3.87 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same period last year, the company posted $0.91 EPS. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. As a group, equities research analysts forecast that Teck Resources will post 2.01 EPS for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.625 per share. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.75%. Teck Resources’s payout ratio is currently 16.37%.

Institutional Investors Weigh In On Teck Resources

Hedge funds have recently bought and sold shares of the business. FIL Ltd increased its holdings in shares of Teck Resources by 98.8% in the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after purchasing an additional 5,933,226 shares during the period. Norges Bank acquired a new position in Teck Resources in the 4th quarter valued at approximately $172,740,000. AMF Tjanstepension AB lifted its position in Teck Resources by 846.6% in the 2nd quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock worth $210,034,000 after buying an additional 3,919,984 shares in the last quarter. Asia Research & Capital Management Ltd acquired a new stake in shares of Teck Resources during the 1st quarter valued at $158,976,000. Finally, Principal Financial Group Inc. grew its holdings in shares of Teck Resources by 115.4% during the 1st quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock valued at $260,584,000 after acquiring an additional 3,047,570 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.