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

Shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $66.94 and last traded at $67.3690, with a volume of 401188 shares changing hands. The stock had previously closed at $65.97.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. UBS Group reaffirmed a “buy” rating on shares of Teck Resources in a research report on Tuesday, January 27th. Scotiabank reissued a “sector perform” rating on shares of Teck Resources in a report on Tuesday, April 14th. TD Securities restated a “hold” rating on shares of Teck Resources in a research note on Friday, April 24th. Zacks Research downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 22nd. Finally, Citigroup upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and thirteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $59.17.

Teck Resources Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.83 and a quick ratio of 2.16. The stock has a market cap of $31.53 billion, a price-to-earnings ratio of 23.96, a P/E/G ratio of 4.90 and a beta of 0.86. The stock’s 50-day moving average is $55.27 and its 200 day moving average is $51.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results 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 company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.28 billion. Teck Resources had a return on equity of 7.94% and a net margin of 14.91%.The firm’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 EPS. As a group, analysts predict that Teck Resources Ltd will post 2.68 earnings per share for the current fiscal year.

Teck Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.125 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.50 annualized dividend and a yield of 0.8%. Teck Resources’s dividend payout ratio is presently 13.55%.

Institutional Investors Weigh In On Teck Resources

Several institutional investors have recently made changes to their positions in TECK. Welch Group LLC grew its stake in shares of Teck Resources by 3.5% during the 4th quarter. Welch Group LLC now owns 5,899 shares of the basic materials company’s stock worth $283,000 after purchasing an additional 199 shares during the period. ASR Vermogensbeheer N.V. boosted its holdings in Teck Resources by 1.6% during the third quarter. ASR Vermogensbeheer N.V. now owns 16,721 shares of the basic materials company’s stock worth $734,000 after buying an additional 270 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in Teck Resources by 117.4% during the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock worth $29,000 after buying an additional 303 shares in the last quarter. Compound Planning Inc. grew its position in Teck Resources by 1.0% during the fourth quarter. Compound Planning Inc. now owns 32,266 shares of the basic materials company’s stock worth $1,545,000 after buying an additional 333 shares during the period. Finally, Smartleaf Asset Management LLC grew its position 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 during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

About Teck Resources

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.