Teck Resources (NYSE:TECK) Hits New 12-Month High – What’s Next?

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) reached a new 52-week high on Wednesday . The stock traded as high as $60.75 and last traded at $60.5150, with a volume of 2814947 shares trading hands. The stock had previously closed at $58.34.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Benchmark reiterated a “buy” rating on shares of Teck Resources in a research note on Thursday, October 23rd. JPMorgan Chase & Co. boosted their target price on Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a report on Friday, December 5th. UBS Group reiterated a “buy” rating on shares of Teck Resources in a report on Tuesday, January 27th. TD Securities lowered shares of Teck Resources from a “buy” rating to a “hold” rating in a research report on Thursday, January 22nd. Finally, Natl Bk Canada cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.33.

Teck Resources Stock Up 3.5%

The firm’s 50-day simple moving average is $49.70 and its 200-day simple moving average is $42.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.08 and a current ratio of 2.78. The company has a market capitalization of $29.03 billion, a price-to-earnings ratio of 33.92, a price-to-earnings-growth ratio of 0.58 and a beta of 0.80.

Hedge Funds Weigh In On Teck Resources

Large investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc acquired a new stake in shares of Teck Resources during the 3rd quarter worth approximately $26,000. Smartleaf Asset Management LLC boosted its stake in Teck Resources by 72.4% during the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after buying an additional 351 shares in the last quarter. SouthState Bank Corp acquired a new stake in Teck Resources during the third quarter worth $50,000. Tobam bought a new stake in Teck Resources in the 2nd quarter valued at $62,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Teck Resources by 43.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company’s stock valued at $76,000 after buying an additional 524 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.