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

Teck Resources (NYSE:TECK - Free Report) TSE: TECK had its price target boosted by Bank of America from $62.00 to $64.00 in a research report released on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the basic materials company's stock.

Several other analysts have also recently weighed in on the company. JPMorgan Chase & Co. dropped their price target on Teck Resources from $55.00 to $51.00 and set an "overweight" rating for the company in a report on Thursday, January 16th. National Bank Financial cut Teck Resources from an "outperform" rating to a "sector perform" rating in a report on Tuesday, December 10th. Raymond James dropped their price target on Teck Resources from $75.00 to $70.00 and set an "outperform" rating for the company in a report on Wednesday, January 22nd. Finally, UBS Group cut Teck Resources from a "buy" rating to a "neutral" rating in a report on Monday, November 11th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Teck Resources currently has an average rating of "Moderate Buy" and an average target price of $65.22.

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Teck Resources Stock Performance

Shares of TECK traded up $1.67 during mid-day trading on Monday, reaching $42.16. The company's stock had a trading volume of 3,702,167 shares, compared to its average volume of 3,126,197. Teck Resources has a 1-year low of $36.54 and a 1-year high of $55.13. The stock has a market cap of $20.94 billion, a P/E ratio of 76.66 and a beta of 0.93. The business has a 50-day simple moving average of $41.68 and a two-hundred day simple moving average of $45.02. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. The business had revenue of $1.99 billion during the quarter, compared to analysts' expectations of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. As a group, equities research analysts anticipate that Teck Resources will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.0879 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.35 annualized dividend and a dividend yield of 0.83%. Teck Resources's payout ratio is 61.82%.

Hedge Funds Weigh In On Teck Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Stonebridge Financial Group LLC bought a new position in shares of Teck Resources in the 4th quarter valued at $25,000. Global Trust Asset Management LLC bought a new stake in Teck Resources during the 4th quarter worth $27,000. FPC Investment Advisory Inc. bought a new stake in Teck Resources during the 4th quarter worth $27,000. Community Bank N.A. bought a new stake in Teck Resources during the 4th quarter worth $33,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Teck Resources during the 3rd quarter worth $40,000. Institutional investors own 78.06% of the company's stock.

Teck Resources Company Profile

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.