Teck Resources (NYSE:TECK) Reaches New 1-Year High – Still a Buy?

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $55.94 and last traded at $54.75, with a volume of 4915839 shares trading hands. The stock had previously closed at $53.01.

Analysts Set New Price Targets

TECK has been the subject of a number of research reports. TD Securities lowered Teck Resources from a “buy” rating to a “hold” rating in a research note on Thursday, January 22nd. Veritas raised shares of Teck Resources from a “strong sell” rating to a “strong-buy” rating in a report on Thursday, January 15th. Canaccord Genuity Group cut shares of Teck Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, October 8th. Natl Bk Canada downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Finally, Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $53.33.

Teck Resources Stock Performance

The stock has a market capitalization of $27.36 billion, a price-to-earnings ratio of 31.97, a price-to-earnings-growth ratio of 0.60 and a beta of 0.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.78 and a quick ratio of 2.08. The stock has a 50-day moving average of $47.09 and a 200 day moving average of $41.46.

Hedge Funds Weigh In On Teck Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of TECK. AQR Capital Management LLC increased its holdings in Teck Resources by 11.1% in the first 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 position in shares of 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 worth $354,000 after purchasing an additional 7,963 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Teck Resources by 1.8% during the 1st 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 period. Wealth Enhancement Advisory Services LLC acquired a new stake in Teck Resources during the 2nd quarter worth approximately $245,000. Finally, Farther Finance Advisors LLC lifted its stake in Teck Resources by 351.8% in the second quarter. Farther Finance Advisors LLC now owns 4,654 shares of the basic materials company’s stock valued at $188,000 after buying an additional 3,624 shares in the last quarter. 78.06% of the stock is owned by 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.