Teck Resources (NYSE:TECK) Reaches New 52-Week High – Here’s Why

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) hit a new 52-week high on Wednesday . The company traded as high as $52.34 and last traded at $52.1570, with a volume of 3245522 shares trading hands. The stock had previously closed at $49.79.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TECK. JPMorgan Chase & Co. lifted their price objective on shares of Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a research note on Friday, December 5th. Veritas cut Teck Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Benchmark reiterated a “buy” rating on shares of Teck Resources in a report on Thursday, October 23rd. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a research note on Tuesday, November 25th. Finally, Weiss Ratings raised Teck Resources from a “sell (d+)” rating to a “hold (c)” rating in a research note on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Teck Resources currently has an average rating of “Hold” and an average price target of $55.71.

Teck Resources Price Performance

The company has a current ratio of 2.78, a quick ratio of 2.08 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $25.05 billion, a price-to-earnings ratio of 29.28, a PEG ratio of 0.55 and a beta of 0.79. The company has a 50 day moving average price of $44.58 and a 200 day moving average price of $40.48.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Wednesday, October 22nd. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.16. The business had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Teck Resources had a return on equity of 4.14% and a net margin of 11.93%.The firm’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.60 earnings per share. As a group, equities research analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were given a dividend of $0.125 per share. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, December 15th. Teck Resources’s payout ratio is currently 20.22%.

Institutional Trading of Teck Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in Teck Resources during the second quarter worth about $437,657,000. 1832 Asset Management L.P. increased its holdings in shares of Teck Resources by 1,555.9% during the second quarter. 1832 Asset Management L.P. now owns 5,738,457 shares of the basic materials company’s stock worth $231,719,000 after purchasing an additional 5,391,907 shares during the period. Principal Financial Group Inc. raised its holdings in Teck Resources by 36.1% in the 3rd quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock valued at $740,604,000 after acquiring an additional 4,474,637 shares in the last quarter. Wellington Management Group LLP lifted its position in Teck Resources by 264.5% during the third quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock worth $253,695,000 after purchasing an additional 4,194,868 shares during the period. Finally, Pentwater Capital Management LP boosted its position in shares of Teck Resources by 7,150.0% during the 3rd quarter. Pentwater Capital Management LP now owns 2,900,000 shares of the basic materials company’s stock worth $127,281,000 after acquiring an additional 2,860,000 shares in the last quarter. Institutional investors 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.