Teck Resources (NYSE:TECK) Hits New 1-Year High at $51.65

Teck Resources Limited (NYSE:TECK) (TSE:TECK)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $51.65 and last traded at $51.47, with a volume of 3488610 shares. The stock had previously closed at $49.59.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TECK shares. UBS Group started coverage on shares of Teck Resources in a research report on Tuesday, January 16th. They set a “buy” rating for the company. Benchmark raised their price objective on shares of Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Morgan Stanley reissued an “overweight” rating and issued a $55.00 target price on shares of Teck Resources in a research report on Thursday, April 11th. Finally, JPMorgan Chase & Co. raised 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. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Teck Resources Stock Performance

The business has a 50 day moving average price of $45.72 and a 200 day moving average price of $40.93. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.49 and a quick ratio of 0.86. The stock has a market capitalization of $26.27 billion, a PE ratio of 22.62, a PEG ratio of 8.92 and a beta of 1.12.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data 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. The business had revenue of $3.02 billion during the quarter, compared to analyst estimates of $3.11 billion. Teck Resources had a net margin of 10.59% and a return on equity of 7.52%. As a group, equities research analysts expect that Teck Resources Limited will post 2.67 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 17th will be given a $0.0911 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.36 annualized dividend and a yield of 0.71%. Teck Resources’s dividend payout ratio (DPR) is presently 16.37%.

Institutional Investors Weigh In On Teck Resources

Large investors have recently bought and sold shares of the business. Commonwealth Equity Services LLC lifted its position in Teck Resources by 7.0% during the third quarter. Commonwealth Equity Services LLC now owns 22,013 shares of the basic materials company’s stock valued at $949,000 after purchasing an additional 1,433 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Teck Resources by 22.8% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 12,913 shares of the basic materials company’s stock worth $556,000 after acquiring an additional 2,400 shares during the period. Raymond James & Associates increased its position in Teck Resources by 5.0% during the third quarter. Raymond James & Associates now owns 321,893 shares of the basic materials company’s stock valued at $13,870,000 after acquiring an additional 15,218 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in Teck Resources by 30.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 7,022 shares of the basic materials company’s stock valued at $303,000 after acquiring an additional 1,643 shares during the period. Finally, Stratos Wealth Partners LTD. purchased a new position in Teck Resources in the third quarter worth about $213,000. 78.06% of the stock is currently owned by institutional investors.

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.