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

Teck Resources Ltd (NYSE:TECK) (TSE:TECK)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $71.34 and last traded at $71.1480, with a volume of 2418128 shares traded. The stock had previously closed at $70.20.

Analysts Set New Price Targets

TECK has been the topic of several research reports. JPMorgan Chase & Co. boosted their price target 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. Weiss Ratings upgraded shares of Teck Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 4th. Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. Veritas downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Teck Resources has an average rating of “Hold” and an average target price of $62.25.

Teck Resources Stock Down 0.6%

The company has a market capitalization of $34.39 billion, a price-to-earnings ratio of 19.30, a price-to-earnings-growth ratio of 2.58 and a beta of 0.92. The company has a quick ratio of 2.33, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. The business has a 50-day moving average price of $61.75 and a 200-day moving average price of $59.48.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.40. The business had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.38 billion. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%.Teck Resources’s revenue for the quarter was up 78.2% on a year-over-year basis. During the same quarter last year, the company posted $0.38 EPS. As a group, equities analysts anticipate that Teck Resources Ltd will post 3.48 earnings per share for the current fiscal year.

Teck Resources Announces Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC lifted its stake in shares of Teck Resources by 11.1% in the 1st quarter. AQR Capital Management LLC now owns 34,705 shares of the basic materials company’s stock valued at $1,264,000 after purchasing an additional 3,458 shares during the last quarter. Jones Financial Companies Lllp raised its holdings 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 valued at $354,000 after buying an additional 7,963 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Teck Resources by 1.8% in 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 worth $16,971,000 after buying an additional 8,146 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Teck Resources by 189.3% in the second quarter. Marshall Wace LLP now owns 218,242 shares of the basic materials company’s stock worth $8,813,000 after buying an additional 142,816 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in shares of Teck Resources by 4,602.9% during the 2nd quarter. NewEdge Advisors LLC now owns 8,183 shares of the basic materials company’s stock worth $330,000 after acquiring an additional 8,009 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

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.