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

Key Points

• Teck Resources reached a new 52-week high, trading as high as $72.21 versus its previous close of $69.10.
• The company reported quarterly adjusted earnings of $1.35 per share, beating estimates of $0.95, while revenue rose 78.2% year over year to $2.54 billion.
• Analyst sentiment remains mixed, with six Buy ratings and seven Hold ratings producing an average rating of Hold and an average price target of $62.25. Teck also declared a quarterly dividend of $0.125 per share, or $0.50 annualized.

Teck Resources Ltd (NYSE:TECK - Get Free Report) TSE: TECK's share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $72.21 and last traded at $72.0510, with a volume of 294539 shares changing hands. The stock had previously closed at $69.10.

Analyst Ratings Changes

A number of equities analysts have recently commented on TECK shares. Raymond James Financial upgraded Teck Resources from a "market perform" rating to an "outperform" rating in a report on Thursday, July 23rd. Wall Street Zen downgraded Teck Resources from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 26th. Deutsche Bank Aktiengesellschaft upped their price target on Teck Resources from $64.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. Veritas downgraded shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 4th. Finally, Scotiabank reiterated a "sector perform" rating on shares of Teck Resources in a research note on Monday, June 15th. Six analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $62.25.

Teck Resources Stock Performance

The company has a market cap of $34.78 billion, a P/E ratio of 19.48, a PEG ratio of 2.49 and a beta of 0.94. The company has a 50 day moving average price of $63.02 and a 200-day moving average price of $60.07. The company has a quick ratio of 2.33, a current ratio of 3.12 and a debt-to-equity ratio of 0.12.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.95 by $0.40. Teck Resources had a net margin of 17.85% and a return on equity of 10.42%. The business had revenue of $2.54 billion for the quarter, compared to analysts' expectations of $2.38 billion. During the same period in the previous year, the business earned $0.38 earnings per share. The company's revenue was up 78.2% on a year-over-year basis. Equities analysts expect that Teck Resources Ltd will post 3.48 EPS for the current fiscal year.

Teck Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.125 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.50 annualized dividend and a dividend yield of 0.7%. Teck Resources's dividend payout ratio (DPR) is 9.76%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Brown Brothers Harriman & Co. acquired a new stake in Teck Resources during the fourth quarter valued at approximately $25,000. Geneos Wealth Management Inc. grew its position in Teck Resources by 117.4% in the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company's stock worth $29,000 after buying an additional 303 shares during the last quarter. Blue Trust Inc. raised its position in shares of Teck Resources by 411.8% during the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company's stock worth $29,000 after purchasing an additional 453 shares during the period. Versant Capital Management Inc lifted its holdings in shares of Teck Resources by 86.5% during the second quarter. Versant Capital Management Inc now owns 1,587 shares of the basic materials company's stock valued at $94,000 after purchasing an additional 736 shares during the last quarter. Finally, Oslo Pensjonsforsikring AS purchased a new stake in shares of Teck Resources during the first quarter valued at $83,000. Institutional investors own 78.06% of the company's stock.

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.

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