Teck Resources (NYSE:TECK) Upgraded to Buy by UBS Group

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

A number of other analysts have also issued reports on the stock. BMO Capital Markets began coverage on shares of Teck Resources in a research note on Monday, July 15th. They issued an outperform rating for the company. TD Securities upgraded shares of Teck Resources to a strong-buy rating in a research note on Tuesday, July 16th. CIBC lifted their price target on Teck Resources from $70.00 to $80.00 and gave the stock an outperformer rating in a research note on Friday, July 12th. Morgan Stanley upped their price objective on Teck Resources from $55.00 to $60.00 and gave the company an overweight rating in a research note on Friday, June 21st. Finally, JPMorgan Chase & Co. decreased their target price on Teck Resources from $56.00 to $54.00 and set an overweight rating for the company in a research report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Teck Resources currently has a consensus rating of Moderate Buy and an average price target of $65.00.

Teck Resources Stock Performance

Shares of TECK stock opened at $43.49 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. The company’s fifty day moving average price is $47.45 and its two-hundred day moving average price is $47.15. The firm has a market capitalization of $22.25 billion, a P/E ratio of 19.24 and a beta of 1.01. Teck Resources has a 12 month low of $34.38 and a 12 month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.47 by $0.32. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The business had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the previous year, the firm posted $0.91 earnings per share. The company’s revenue was up 10.1% compared to the same quarter last year. On average, research analysts anticipate that Teck Resources will post 2.01 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $0.625 dividend. The ex-dividend date of this dividend is Friday, September 13th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 annualized dividend and a yield of 5.75%. Teck Resources’s dividend payout ratio (DPR) is currently 16.37%.

Institutional Investors Weigh In On Teck Resources

A number of hedge funds have recently added to or reduced their stakes in TECK. Hexagon Capital Partners LLC increased its holdings in shares of Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 386 shares during the period. Creekmur Asset Management LLC acquired a new position in shares of Teck Resources during the fourth quarter worth approximately $35,000. Headlands Technologies LLC bought a new position in Teck Resources in the 2nd quarter worth approximately $38,000. Optiver Holding B.V. grew its holdings in Teck Resources by 81.9% in the 4th quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after buying an additional 438 shares in the last quarter. Finally, Blue Trust Inc. increased its position in Teck Resources by 583.1% in the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after acquiring an additional 898 shares during the period. 78.06% of the stock is currently owned by 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.