Fintel reports that on June 28, 2023, Scotiabank maintained coverage of Teck Resources Ltd - Class B (NYSE:TECK) with a Sector Outperform recommendation.
Analyst Price Forecast Suggests 75.14% Upside
As of June 2, 2023, the average one-year price target for Teck Resources Ltd - Class B is 70.76. The forecasts range from a low of 60.60 to a high of $81.90. The average price target represents an increase of 75.14% from its latest reported closing price of 40.40.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Teck Resources Ltd - Class B is 16,133MM. The projected annual non-GAAP EPS is 6.08.
Teck Resources Ltd - Class B Declares $0.12 Dividend
On April 26, 2023 the company declared a regular quarterly dividend of $0.12 per share ($0.50 annualized). Shareholders of record as of June 15, 2023 will receive the payment on June 30, 2023. Previously, the company paid $0.12 per share.
At the current share price of $40.40 / share, the stock's dividend yield is 1.24%.
Additionally, the company's dividend payout ratio is 0.20. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
What is the Fund Sentiment?
There are 708 funds or institutions reporting positions in Teck Resources Ltd - Class B. This is an increase of 44 owner(s) or 6.63% in the last quarter. Average portfolio weight of all funds dedicated to TECK is 0.72%, an increase of 14.80%. Total shares owned by institutions decreased in the last three months by 0.05% to 353,941K shares. 
The put/call ratio of TECK is 0.77, indicating a bullish outlook.
What are Other Shareholders Doing?
Dodge & Cox holds 27,691K shares representing 5.38% ownership of the company. In it's prior filing, the firm reported owning 27,074K shares, representing an increase of 2.23%. The firm decreased its portfolio allocation in TECK by 1.92% over the last quarter.
Royal Bank Of Canada holds 20,313K shares representing 3.94% ownership of the company. In it's prior filing, the firm reported owning 19,991K shares, representing an increase of 1.59%. The firm decreased its portfolio allocation in TECK by 89.47% over the last quarter.
DODFX - Dodge & Cox International Stock Fund holds 19,941K shares representing 3.87% ownership of the company. In it's prior filing, the firm reported owning 19,441K shares, representing an increase of 2.51%. The firm decreased its portfolio allocation in TECK by 7.03% over the last quarter.
Davis Selected Advisers holds 13,012K shares representing 2.53% ownership of the company. In it's prior filing, the firm reported owning 13,009K shares, representing an increase of 0.03%. The firm decreased its portfolio allocation in TECK by 6.12% over the last quarter.
Soroban Capital Partners holds 11,084K shares representing 2.15% ownership of the company. No change in the last quarter.
Teck Resources Background Information
(This description is provided by the company.)
Headquartered in Vancouver, Canada, Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, zinc and steelmaking coal, as well as investments in energy assets.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
