Zacks Investment Research cut shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a buy rating to a hold rating in a report released on Friday.
According to Zacks, “Teck Resources Limited is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. It is a world leader in the production of copper, metallurgical coal and zinc, a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets. Headquartered in Vancouver, Canada, the company has expertise across the full range of activities related to mining, including exploration, development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. The Company is actively exploring in countries throughout the Americas, Asia Pacific, Europe and Africa. Teck Resources Limited, formerly Teck Cominco Limited, is headquartered in Vancouver, Canada. “
A number of other research analysts have also recently commented on the company. Scotiabank upgraded Teck Resources from an outperform rating to a focus list rating in a research note on Monday, January 8th. CIBC initiated coverage on Teck Resources in a research note on Friday, November 17th. They issued a sector outperform rating on the stock. Citigroup cut Teck Resources from a buy rating to a neutral rating in a research note on Monday, December 4th. ValuEngine upgraded Teck Resources from a buy rating to a strong-buy rating in a research note on Tuesday, February 13th. Finally, Clarkson Capital cut Teck Resources from a buy rating to a neutral rating in a research note on Monday, January 15th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $30.06.
Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Wednesday, February 14th. The basic materials company reported $0.95 EPS for the quarter, missing the Zacks’ consensus estimate of $1.01 by ($0.06). The company had revenue of $3.21 billion for the quarter, compared to analyst estimates of $3.28 billion. Teck Resources had a return on equity of 13.69% and a net margin of 20.83%. The company’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.61 EPS. sell-side analysts expect that Teck Resources will post 3.52 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.16 annualized dividend and a yield of 0.61%. This is a boost from Teck Resources’s previous quarterly dividend of $0.04. Teck Resources’s dividend payout ratio is presently 4.72%.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Bartlett & Co. LLC acquired a new stake in Teck Resources during the fourth quarter valued at approximately $118,000. We Are One Seven LLC acquired a new stake in Teck Resources during the fourth quarter valued at approximately $162,000. C M Bidwell & Associates Ltd. acquired a new stake in Teck Resources during the fourth quarter valued at approximately $199,000. Private Advisor Group LLC acquired a new stake in Teck Resources during the third quarter valued at approximately $200,000. Finally, Cigna Investments Inc. New acquired a new stake in Teck Resources during the fourth quarter valued at approximately $204,000. Hedge funds and other institutional investors own 53.04% of the company’s stock.
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Teck Resources Company Profile
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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