Jefferies Financial Group initiated coverage on shares of Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) in a research note published on Wednesday morning, The Fly reports. The brokerage issued a buy rating on the basic materials company's stock. Jefferies Financial Group also issued estimates for Teck Resources' Q3 2022 earnings at $1.60 EPS, Q4 2022 earnings at $1.41 EPS, FY2022 earnings at $7.67 EPS, FY2023 earnings at $5.61 EPS, FY2024 earnings at $7.04 EPS, FY2025 earnings at $6.67 EPS and FY2026 earnings at $6.05 EPS.
Several other research firms also recently weighed in on TECK. National Bank Financial lowered their price objective on shares of Teck Resources from C$55.00 to C$52.50 in a report on Thursday, July 28th. Barclays lowered their target price on shares of Teck Resources from C$50.00 to C$42.00 in a report on Tuesday, July 19th. Stifel Nicolaus lowered their target price on shares of Teck Resources from C$62.00 to C$59.00 in a report on Tuesday, August 16th. Canaccord Genuity Group upgraded shares of Teck Resources from a hold rating to a buy rating and increased their target price for the company from C$42.00 to C$46.00 in a report on Thursday, July 28th. Finally, Scotiabank reduced their price target on shares of Teck Resources from C$57.00 to C$54.00 in a research report on Thursday, July 28th. One analyst has 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, Teck Resources currently has an average rating of Moderate Buy and an average price target of $52.47.
Get Teck Resources alerts:Teck Resources Trading Down 0.8 %
NYSE:TECK opened at $30.41 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.25 and a current ratio of 1.82. Teck Resources has a 52 week low of $24.11 and a 52 week high of $45.90. The firm's fifty day moving average is $32.00 and its 200-day moving average is $35.57. The firm has a market cap of $15.87 billion, a P/E ratio of 3.78, a P/E/G ratio of 1.01 and a beta of 1.09.
Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last released its earnings results on Tuesday, July 26th. The basic materials company reported $2.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.32 by $0.23. Teck Resources had a net margin of 28.90% and a return on equity of 23.73%. The company had revenue of $5.79 billion for the quarter, compared to the consensus estimate of $5.59 billion. During the same quarter in the previous year, the company earned $0.51 EPS. Teck Resources's quarterly revenue was up 126.2% compared to the same quarter last year. Equities analysts expect that Teck Resources will post 6.94 earnings per share for the current year.Teck Resources Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th were issued a dividend of $0.097 per share. This represents a $0.39 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date was Wednesday, September 14th. Teck Resources's dividend payout ratio (DPR) is presently 4.72%.
Institutional Trading of Teck Resources
A number of hedge funds have recently modified their holdings of TECK. Soroban Capital Partners LP purchased a new position in shares of Teck Resources in the 4th quarter worth about $318,590,000. FMR LLC raised its position in shares of Teck Resources by 594.7% in the 2nd quarter. FMR LLC now owns 9,630,011 shares of the basic materials company's stock worth $294,466,000 after purchasing an additional 8,243,806 shares during the last quarter. Egerton Capital UK LLP raised its position in shares of Teck Resources by 274.3% in the 2nd quarter. Egerton Capital UK LLP now owns 10,301,465 shares of the basic materials company's stock worth $314,916,000 after purchasing an additional 7,549,057 shares during the last quarter. ANTIPODES PARTNERS Ltd raised its position in Teck Resources by 330.9% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 3,962,472 shares of the basic materials company's stock worth $160,044,000 after buying an additional 3,042,942 shares during the last quarter. Finally, Cowa LLC raised its position in Teck Resources by 9,975.4% in the 1st quarter. Cowa LLC now owns 2,008,935 shares of the basic materials company's stock worth $811,000 after buying an additional 1,988,996 shares during the last quarter. Institutional investors own 55.01% of the company's stock.
Teck Resources Company Profile
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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.
Further Reading
- Get a free copy of the StockNews.com research report on Teck Resources (TECK)
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