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

Shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) hit a new 52-week high during trading on Thursday . The company traded as high as $64.07 and last traded at $63.2450, with a volume of 814869 shares trading hands. The stock had previously closed at $62.01.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Citigroup upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Monday, February 2nd. JPMorgan Chase & Co. increased their price objective on Teck Resources from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Truist Financial set a $67.00 price objective on Teck Resources in a report on Monday, February 23rd. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a report on Tuesday, April 14th. Finally, Raymond James Financial downgraded Teck Resources from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. One equities research 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. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $59.17.

Teck Resources Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.16 and a current ratio of 2.83. The stock has a fifty day simple moving average of $54.55 and a two-hundred day simple moving average of $50.23. The stock has a market capitalization of $29.36 billion, a price-to-earnings ratio of 22.33, a P/E/G ratio of 4.34 and a beta of 0.86.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.39. Teck Resources had a return on equity of 7.94% and a net margin of 14.91%.The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period last year, the business posted $0.45 EPS. The business’s revenue was up 9.8% compared to the same quarter last year. Analysts forecast that Teck Resources Ltd will post 2.61 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

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

Institutional Trading of Teck Resources

Large investors have recently bought and sold shares of the business. Principal Financial Group Inc. boosted its position in shares of Teck Resources by 36.1% during the 3rd quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock worth $740,604,000 after purchasing an additional 4,474,637 shares in the last quarter. Alps Advisors Inc. boosted its position in shares of Teck Resources by 37.3% during the 3rd quarter. Alps Advisors Inc. now owns 166,334 shares of the basic materials company’s stock worth $7,300,000 after purchasing an additional 45,194 shares in the last quarter. Regal Partners Ltd boosted its position in shares of Teck Resources by 14.8% during the 3rd quarter. Regal Partners Ltd now owns 3,481,836 shares of the basic materials company’s stock worth $152,818,000 after purchasing an additional 448,081 shares in the last quarter. 44 Wealth Management LLC boosted its position in shares of Teck Resources by 250.8% during the 3rd quarter. 44 Wealth Management LLC now owns 31,077 shares of the basic materials company’s stock worth $1,364,000 after purchasing an additional 22,219 shares in the last quarter. Finally, Union Bancaire Privee UBP SA boosted its position in shares of Teck Resources by 172.8% during the 4th quarter. Union Bancaire Privee UBP SA now owns 23,560 shares of the basic materials company’s stock worth $1,128,000 after purchasing an additional 14,924 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.