Teck Resources (NYSE:TECK) Sets New 1-Year High – Here’s Why

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) shares reached a new 52-week high on Wednesday . The company traded as high as $62.41 and last traded at $61.8850, with a volume of 719725 shares changing hands. The stock had previously closed at $59.81.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TECK. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a research report on Tuesday. JPMorgan Chase & Co. upped their price target on Teck Resources from $43.00 to $51.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. TD Securities restated a “hold” rating on shares of Teck Resources in a report on Monday. Citigroup upgraded Teck Resources from a “neutral” rating to a “buy” rating in a report on Monday, February 2nd. Finally, Raymond James Financial cut Teck Resources from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $58.00.

Teck Resources Stock Performance

The company has a 50 day moving average price of $52.71 and a 200-day moving average price of $44.57. The company has a quick ratio of 1.91, a current ratio of 2.54 and a debt-to-equity ratio of 0.13. The company has a market cap of $29.85 billion, a P/E ratio of 30.71, a PEG ratio of 0.55 and a beta of 0.80.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.39. The business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.28 billion. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.Teck Resources’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the company earned $0.45 earnings per share. Equities analysts expect that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. Teck Resources’s dividend payout ratio is currently 17.82%.

Institutional Investors Weigh In On Teck Resources

Several hedge funds and other institutional investors have recently made changes to their positions in TECK. Brown Brothers Harriman & Co. purchased a new position in Teck Resources in the fourth quarter worth $25,000. Versant Capital Management Inc bought a new stake in shares of Teck Resources during the third quarter valued at approximately $26,000. Smartleaf Asset Management LLC increased its stake in shares of Teck Resources by 72.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 351 shares in the last quarter. SouthState Bank Corp bought a new stake in shares of Teck Resources in the 3rd quarter worth approximately $50,000. Finally, Tobam purchased a new stake in Teck Resources during the 2nd quarter valued at about $62,000. 78.06% of the stock is owned by institutional investors.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.