Teck Resources (NYSE:TECK) Hits New 12-Month High – Here’s Why

by · The Markets Daily

Shares of Teck Resources Ltd (NYSE:TECK – Get Free Report) (TSE:TECK) reached a new 52-week high during trading on Tuesday . The company traded as high as $72.21 and last traded at $72.0510, with a volume of 294539 shares changing hands. The stock had previously closed at $69.10.

Analyst Upgrades and Downgrades

TECK has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. lifted their price objective on shares of Teck Resources from $46.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. Wall Street Zen downgraded Teck Resources from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 26th. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research report on Monday, June 15th. Finally, Veritas cut Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $62.25.

View Our Latest Research Report on TECK

Teck Resources Price Performance

The company has a market capitalization of $34.78 billion, a PE ratio of 19.48, a P/E/G ratio of 2.49 and a beta of 0.94. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.33 and a current ratio of 3.12. The stock has a 50 day moving average price of $63.02 and a two-hundred day moving average price of $60.07.

Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last announced its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $1.35 EPS for the quarter, beating the consensus estimate of $0.95 by $0.40. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%.The business had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the previous year, the business posted $0.38 EPS. The firm’s quarterly revenue was up 78.2% compared to the same quarter last year. Equities analysts forecast that Teck Resources Ltd will post 3.48 earnings per share for the current year.

Teck Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Teck Resources’s payout ratio is currently 9.76%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC boosted its stake in shares of Teck Resources by 11.1% during the 1st quarter. AQR Capital Management LLC now owns 34,705 shares of the basic materials company’s stock worth $1,264,000 after acquiring an additional 3,458 shares in the last quarter. Jones Financial Companies Lllp boosted its position in Teck Resources by 453.0% during the first quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company’s stock worth $354,000 after purchasing an additional 7,963 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Teck Resources by 1.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 465,861 shares of the basic materials company’s stock valued at $16,971,000 after purchasing an additional 8,146 shares during the last quarter. Marshall Wace LLP grew its holdings in Teck Resources by 189.3% during the second quarter. Marshall Wace LLP now owns 218,242 shares of the basic materials company’s stock valued at $8,813,000 after purchasing an additional 142,816 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Teck Resources by 4,602.9% in the second quarter. NewEdge Advisors LLC now owns 8,183 shares of the basic materials company’s stock valued at $330,000 after purchasing an additional 8,009 shares during the period. Institutional investors own 78.06% of the company’s stock.

About Teck Resources

(Get Free Report)

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.

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