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

Teck Resources Ltd (NYSE:TECK) (TSE:TECK)’s stock price 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. The stock had previously closed at $69.10.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on TECK shares. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Teck Resources from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. upped their price target on Teck Resources from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 28th. Veritas downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. Raymond James Financial raised Teck Resources from a “market perform” rating to an “outperform” rating in a research report on Thursday, July 23rd. Finally, Weiss Ratings upgraded Teck Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 4th. Six investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $62.25.

Teck Resources Trading Down 2.1%

The firm has a 50 day simple moving average of $63.49 and a 200 day simple moving average of $60.23. The firm has a market cap of $34.02 billion, a P/E ratio of 19.09, a P/E/G ratio of 2.59 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.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.40. The business had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Teck Resources had a net margin of 17.85% and a return on equity of 10.42%. The business’s revenue for the quarter was up 78.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.38 EPS. On average, equities research analysts predict that Teck Resources Ltd will post 3.48 EPS for the current fiscal year.

Teck Resources Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Sequoia Financial Advisors LLC raised its stake in Teck Resources by 13.2% in the second quarter. Sequoia Financial Advisors LLC now owns 16,451 shares of the basic materials company’s stock valued at $978,000 after purchasing an additional 1,920 shares in the last quarter. Tidal Investments LLC grew its stake in Teck Resources by 9.0% in the 2nd quarter. Tidal Investments LLC now owns 166,945 shares of the basic materials company’s stock worth $9,789,000 after buying an additional 13,811 shares in the last quarter. RFG Advisory LLC purchased a new position in Teck Resources in the 2nd quarter worth approximately $207,000. Squarepoint Ops LLC bought a new position in shares of Teck Resources in the 2nd quarter worth $7,952,000. Finally, Allworth Financial LP increased its holdings in shares of Teck Resources by 228.9% in the 2nd quarter. Allworth Financial LP now owns 7,288 shares of the basic materials company’s stock worth $433,000 after buying an additional 5,072 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

About Teck Resources

Teck Resources Limited is a Canadian mining and metals company focused primarily on the exploration, development and production of base metals. Its principal products include copper, zinc and lead, along with associated by-products such as molybdenum, silver and germanium. Copper is an increasingly important part of Teck’s business as the metal is used in electrical infrastructure, renewable energy systems, transportation and industrial applications.

Teck operates and develops mining assets in Canada, Chile and Peru.