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

Key Points

• Teck Resources reached a new 52-week high of $71.34, trading about 0.8% higher, despite analysts’ consensus rating remaining “Hold” and the average price target at $62.25.
• The company reported strong quarterly results, with EPS of $1.35 versus the $0.95 consensus estimate and revenue of $2.54 billion, up 78.2% year over year.
• Teck declared a quarterly dividend of $0.125, equivalent to $0.50 annually and a 0.7% yield; institutional investors own 78.06% of the company’s shares.

Teck Resources Ltd (NYSE:TECK - Get Free Report) TSE: TECK hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $71.34 and last traded at $71.1480, with a volume of 2418128 shares changing hands. The stock had previously closed at $70.20.

Analysts Set New Price Targets

Several brokerages recently issued reports on TECK. JPMorgan Chase & Co. upped their target price on Teck Resources from $46.00 to $47.00 and gave the company a "neutral" rating in a research report on Tuesday, July 28th. Wall Street Zen downgraded Teck Resources from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 26th. Veritas downgraded Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 4th. Weiss Ratings raised shares of Teck Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, August 4th. Finally, Scotiabank reiterated a "sector perform" rating on shares of Teck Resources in a research report on Monday, June 15th. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $62.25.

Teck Resources Trading Up 0.8%

The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.33 and a current ratio of 3.12. The company has a market capitalization of $34.19 billion, a P/E ratio of 19.21, a P/E/G ratio of 2.03 and a beta of 0.92. The company has a 50-day simple moving average of $61.55 and a 200 day simple moving average of $59.25.

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

Teck Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, September 15th. Teck Resources's dividend payout ratio is currently 9.76%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TECK. Brown Brothers Harriman & Co. bought a new position in Teck Resources in the 4th quarter worth approximately $25,000. 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 acquiring an additional 453 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Teck Resources by 117.4% during the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company's stock worth $29,000 after acquiring an additional 303 shares during the last quarter. Oslo Pensjonsforsikring AS acquired a new position in shares of Teck Resources during the first quarter valued at $83,000. Finally, Versant Capital Management Inc boosted its holdings in Teck Resources by 86.5% in the second quarter. Versant Capital Management Inc now owns 1,587 shares of the basic materials company's stock valued at $94,000 after acquiring an additional 736 shares during the last quarter. 78.06% of the stock is 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.

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