Teck Resources (NYSE:TECK) Reaches New 52-Week High at $50.93

Teck Resources Limited (NYSE:TECK) (TSE:TECK) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $50.93 and last traded at $50.46, with a volume of 896570 shares changing hands. The stock had previously closed at $49.54.

Wall Street Analysts Forecast Growth

TECK has been the subject of several research analyst reports. UBS Group initiated coverage on Teck Resources in a report on Tuesday, January 16th. They issued a “buy” rating for the company. JPMorgan Chase & Co. lifted their target price on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Morgan Stanley reaffirmed an “overweight” rating and set a $55.00 price target on shares of Teck Resources in a report on Thursday, April 11th. Finally, Benchmark raised their target price on shares of Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and an average price target of $62.80.

Teck Resources Stock Performance

The company has a market capitalization of $25.72 billion, a PE ratio of 14.71, a PEG ratio of 6.57 and a beta of 1.15. The company has a quick ratio of 0.60, a current ratio of 1.10 and a debt-to-equity ratio of 0.21. The stock’s fifty day simple moving average is $43.71 and its 200-day simple moving average is $40.34.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.01. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. The business had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3.11 billion. On average, research analysts predict that Teck Resources Limited will post 3.34 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.0925 per share. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date was Thursday, March 14th. Teck Resources’s dividend payout ratio is currently 10.79%.

Institutional Investors Weigh In On Teck Resources

A number of institutional investors have recently added to or reduced their stakes in TECK. Wealthsource Partners LLC boosted its holdings in Teck Resources by 4.0% in the third quarter. Wealthsource Partners LLC now owns 7,747 shares of the basic materials company’s stock worth $334,000 after purchasing an additional 300 shares during the period. First Hawaiian Bank grew its stake in shares of Teck Resources by 6.0% in the 1st quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock worth $254,000 after purchasing an additional 313 shares during the last quarter. Verdence Capital Advisors LLC grew its holdings in shares of Teck Resources by 3.3% in the 1st quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock worth $503,000 after acquiring an additional 353 shares during the last quarter. Shell Asset Management Co. lifted its stake in Teck Resources by 2.9% during the third quarter. Shell Asset Management Co. now owns 13,649 shares of the basic materials company’s stock valued at $590,000 after buying an additional 386 shares in the last quarter. Finally, Hexagon Capital Partners LLC boosted its position in shares of Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after buying an additional 386 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.