Teck Resources (NYSE:TECK) Sets New 52-Week High – Here’s What Happened

Shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $62.41 and last traded at $61.8850, with a volume of 719725 shares trading hands. The stock had previously closed at $59.81.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TECK shares. Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a research report on Tuesday. Truist Financial set a $67.00 price objective on Teck Resources in a research note on Monday. UBS Group reiterated a “buy” rating on shares of Teck Resources in a research note on Tuesday, January 27th. Benchmark boosted their target price on shares of Teck Resources from $48.00 to $67.00 and gave the stock a “buy” rating in a report on Monday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Teck Resources in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $58.00.

Teck Resources Stock Performance

The company has a quick ratio of 1.91, a current ratio of 2.54 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $29.35 billion, a PE ratio of 30.18, a PEG ratio of 0.57 and a beta of 0.80. The business has a 50 day simple moving average of $53.36 and a 200 day simple moving average of $44.80.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.39. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.28 billion. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.45 earnings per share. Equities research analysts predict that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. Teck Resources’s dividend payout ratio (DPR) is currently 17.82%.

Hedge Funds Weigh In On Teck Resources

Hedge funds have recently made changes to their positions in the company. Welch Group LLC raised its stake in Teck Resources by 3.5% in the 4th quarter. Welch Group LLC now owns 5,899 shares of the basic materials company’s stock worth $283,000 after acquiring an additional 199 shares during the last quarter. ASR Vermogensbeheer N.V. increased its holdings in shares of Teck Resources by 1.6% in the third quarter. ASR Vermogensbeheer N.V. now owns 16,721 shares of the basic materials company’s stock valued at $734,000 after purchasing an additional 270 shares during the period. Compound Planning Inc. raised its stake in shares of Teck Resources by 1.0% in the fourth quarter. Compound Planning Inc. now owns 32,266 shares of the basic materials company’s stock worth $1,545,000 after purchasing an additional 333 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Teck Resources by 72.4% during the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 351 shares during the period. Finally, CWM LLC boosted its position in Teck Resources by 22.7% in the third quarter. CWM LLC now owns 2,078 shares of the basic materials company’s stock valued at $91,000 after buying an additional 384 shares during 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.