Teck Resources (NYSE:TECK) Given New $64.00 Price Target at Bank of America

Teck Resources (NYSE:TECK) (TSE:TECK) had its price target raised by Bank of America from $62.00 to $64.00 in a research note released on Monday,Benzinga reports. They currently have a buy rating on the basic materials company’s stock.

A number of other equities research analysts have also issued reports on TECK. UBS Group lowered Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. lowered their price target on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Raymond James cut their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Finally, National Bank Financial cut Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and an average price target of $65.22.

Teck Resources Price Performance

TECK opened at $37.41 on Monday. Teck Resources has a 1 year low of $36.54 and a 1 year high of $55.13. The company’s 50 day simple moving average is $41.80 and its 200 day simple moving average is $45.24. The stock has a market capitalization of $18.58 billion, a PE ratio of 68.02 and a beta of 0.93. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. As a group, sell-side analysts expect that Teck Resources will post 1.53 EPS for the current year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.0879 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.35 annualized dividend and a yield of 0.94%. Teck Resources’s dividend payout ratio is presently 61.82%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TECK. Employees Retirement System of Texas acquired a new stake in Teck Resources in the 4th quarter valued at approximately $230,000. Ameriflex Group Inc. acquired a new stake in shares of Teck Resources in the 4th quarter worth approximately $50,000. Mackenzie Financial Corp increased its stake in shares of Teck Resources by 7.4% during the fourth quarter. Mackenzie Financial Corp now owns 5,882,543 shares of the basic materials company’s stock valued at $238,245,000 after acquiring an additional 404,095 shares during the period. Vise Technologies Inc. raised its holdings in Teck Resources by 14.6% during the fourth quarter. Vise Technologies Inc. now owns 5,942 shares of the basic materials company’s stock worth $241,000 after purchasing an additional 757 shares in the last quarter. Finally, Arrowpoint Investment Partners Singapore Pte. Ltd. acquired a new stake in Teck Resources in the fourth quarter worth approximately $335,000. Institutional investors own 78.06% of the company’s stock.

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.