Desjardins Begins Coverage on Teck Resources (NYSE:TECK)

Desjardins began coverage on shares of Teck Resources (NYSE:TECK - Free Report) TSE: TECK in a research report report published on Friday morning, Marketbeat.com reports. The brokerage issued a buy rating on the basic materials company's stock.

TECK has been the topic of a number of other research reports. National Bank Financial downgraded Teck Resources from an "outperform" rating to a "sector perform" rating in a research report on Tuesday, December 10th. Bank of America lifted their price target on Teck Resources from $62.00 to $64.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Raymond James dropped their price objective on shares of Teck Resources from $75.00 to $70.00 and set an "outperform" rating for the company in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Teck Resources from $55.00 to $51.00 and set an "overweight" rating on the stock in a report on Thursday, January 16th. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Teck Resources has a consensus rating of "Moderate Buy" and a consensus price target of $65.22.

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Teck Resources Price Performance

Shares of TECK traded up $1.66 during trading hours on Friday, hitting $30.71. 3,722,609 shares of the stock were exchanged, compared to its average volume of 3,186,556. The stock's 50-day moving average price is $40.00 and its two-hundred day moving average price is $43.85. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The company has a market cap of $15.20 billion, a price-to-earnings ratio of 55.45 and a beta of 0.81. Teck Resources has a 12-month low of $28.33 and a 12-month high of $55.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted 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 firm had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. Research analysts expect that Teck Resources will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.0879 per share. This represents a $0.35 annualized dividend and a yield of 1.15%. The ex-dividend date was Friday, March 14th. Teck Resources's payout ratio is 61.82%.

Hedge Funds Weigh In On Teck Resources

Several institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Teck Resources in the fourth quarter valued at approximately $470,101,000. Swedbank AB purchased a new position in Teck Resources in the fourth quarter valued at $103,878,000. Arrowstreet Capital Limited Partnership acquired a new position in Teck Resources during the 4th quarter worth $65,197,000. AMF Tjanstepension AB raised its position in Teck Resources by 32.2% in the 4th quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company's stock valued at $244,252,000 after purchasing an additional 1,467,516 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in shares of Teck Resources in the 3rd quarter valued at about $70,549,000. 78.06% of the stock is owned by institutional investors and hedge funds.

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.