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

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) shares reached a new 52-week high on Wednesday . The company traded as high as $53.19 and last traded at $53.02, with a volume of 78995 shares trading hands. The stock had previously closed at $50.21.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TECK. Citigroup restated a “neutral” rating on shares of Teck Resources in a research report on Thursday, January 15th. Raymond James Financial cut Teck Resources from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. Canaccord Genuity Group downgraded Teck Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, October 8th. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a research report on Tuesday, November 25th. Finally, Veritas raised shares of Teck Resources from a “strong sell” rating to a “strong-buy” rating in a report on Thursday, January 15th. Two investment 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 stock. According to MarketBeat.com, Teck Resources has an average rating of “Hold” and a consensus price target of $55.71.

Teck Resources Stock Performance

The stock has a market capitalization of $25.62 billion, a PE ratio of 29.98, a PEG ratio of 0.54 and a beta of 0.79. The business’s 50 day moving average is $45.51 and its 200 day moving average is $40.84. The company has a current ratio of 2.78, a quick ratio of 2.08 and a debt-to-equity ratio of 0.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.16. The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.93 billion. Teck Resources had a net margin of 11.93% and a return on equity of 4.14%. The firm’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 earnings per share. On average, equities research analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Teck Resources

Hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc purchased a new stake in shares of Teck Resources in the 3rd quarter worth $26,000. Smartleaf Asset Management LLC grew its holdings in Teck Resources by 72.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 351 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Teck Resources during the 2nd quarter valued at about $49,000. SouthState Bank Corp bought a new stake in shares of Teck Resources in the 3rd quarter valued at about $50,000. Finally, Tobam purchased a new stake in shares of Teck Resources in the 2nd quarter worth approximately $62,000. 78.06% of the stock is currently owned by institutional investors.

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.