Teck Resources Limited (NYSE:TECK) to Issue Quarterly Dividend of $0.09

Teck Resources Limited (NYSE:TECK) (TSE:TECK) announced a quarterly dividend on Friday, November 15th,Wall Street Journal reports. Shareholders of record on Friday, December 13th will be paid a dividend of 0.0895 per share by the basic materials company on Tuesday, December 31st. This represents a $0.36 annualized dividend and a yield of 0.80%. The ex-dividend date of this dividend is Friday, December 13th.

Teck Resources has raised its dividend by an average of 35.7% per year over the last three years. Teck Resources has a payout ratio of 20.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Teck Resources to earn $1.91 per share next year, which means the company should continue to be able to cover its $0.37 annual dividend with an expected future payout ratio of 19.4%.

Teck Resources Price Performance

Shares of Teck Resources stock traded down $0.39 during trading on Friday, hitting $44.99. 2,262,177 shares of the stock traded hands, compared to its average volume of 3,407,512. The firm’s fifty day moving average is $48.70 and its 200-day moving average is $48.70. The stock has a market cap of $22.68 billion, a price-to-earnings ratio of 68.77 and a beta of 1.04. Teck Resources has a 52 week low of $34.56 and a 52 week high of $55.13. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.24. The business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. Teck Resources’s revenue for the quarter was down 20.6% compared to the same quarter last year. During the same period last year, the company earned $0.57 EPS. Research analysts expect that Teck Resources will post 1.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TECK. Scotiabank upped their target price on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. Citigroup upgraded Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Benchmark restated a “buy” rating and set a $55.00 target price on shares of Teck Resources in a research report on Thursday, July 25th. JPMorgan Chase & Co. decreased their price target on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research report on Friday, October 25th. Five analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $65.29.

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.