TD Securities Increases Teck Resources (NYSE:TECK) Price Target to C$40.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price objective increased by TD Securities from C$37.00 to C$40.00 in a report released on Wednesday, The Fly reports. TD Securities currently has a buy rating on the basic materials company’s stock.

Several other analysts have also commented on TECK. National Bankshares boosted their price target on Teck Resources from C$37.50 to C$43.00 and gave the company an outperform rating in a research note on Friday, September 10th. Canaccord Genuity boosted their price target on Teck Resources from C$26.50 to C$28.00 and gave the company a hold rating in a research note on Thursday, July 15th. CIBC boosted their price target on Teck Resources from C$33.00 to C$34.00 and gave the company a neutral rating in a research note on Tuesday, May 25th. Deutsche Bank Aktiengesellschaft boosted their price objective on Teck Resources from $30.00 to $32.00 and gave the stock a buy rating in a research note on Thursday, September 16th. Finally, The Goldman Sachs Group boosted their target price on Teck Resources from $23.00 to $26.00 and gave the stock a neutral rating in a research report on Thursday, September 16th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $31.23.

Shares of TECK stock opened at $24.78 on Wednesday. The stock’s 50 day simple moving average is $22.76 and its 200 day simple moving average is $22.46. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.58 and a current ratio of 1.26. Teck Resources has a twelve month low of $11.91 and a twelve month high of $27.08. The company has a market capitalization of $13.00 billion, a price-to-earnings ratio of 97.68 and a beta of 1.27.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Tuesday, July 27th. The basic materials company reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.13. Teck Resources had a return on equity of 5.02% and a net margin of 1.83%. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same period last year, the business earned $0.17 EPS. The firm’s revenue was up 48.7% compared to the same quarter last year. On average, analysts forecast that Teck Resources will post 2.78 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 29th. Stockholders of record on Wednesday, September 15th will be given a dividend of $0.0397 per share. The ex-dividend date is Tuesday, September 14th. This represents a $0.16 annualized dividend and a dividend yield of 0.64%. Teck Resources’s dividend payout ratio is currently 20.51%.

Several hedge funds have recently bought and sold shares of the company. Parametric Portfolio Associates LLC boosted its position in shares of Teck Resources by 2.1% during the second quarter. Parametric Portfolio Associates LLC now owns 563,043 shares of the basic materials company’s stock worth $12,973,000 after buying an additional 11,688 shares during the period. Marshall Wace LLP acquired a new position in shares of Teck Resources during the second quarter worth about $1,656,000. Goldentree Asset Management LP boosted its position in shares of Teck Resources by 2.7% during the second quarter. Goldentree Asset Management LP now owns 2,221,145 shares of the basic materials company’s stock worth $51,175,000 after buying an additional 58,938 shares during the period. Wells Fargo & Company MN boosted its position in shares of Teck Resources by 527.5% during the second quarter. Wells Fargo & Company MN now owns 286,328 shares of the basic materials company’s stock worth $6,600,000 after buying an additional 240,701 shares during the period. Finally, Wexford Capital LP acquired a new position in Teck Resources during the second quarter valued at approximately $6,036,000. 45.45% of the stock is owned by institutional investors.

About Teck Resources

Teck Resources Ltd. 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.

See Also: Growth and Income Funds

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.