Teck Resources (NYSE:TECK) Hits New 12-Month High - Here's What Happened

Key Points

• Teck Resources hit a new 52-week high, trading as high as $64.07 and last around $63.25 on volume of about 814,869 shares.
• Analyst sentiment is mixed with a consensus rating of Hold and an average price target of $59.17, though Benchmark and UBS have recent Buy views and Benchmark raised its target to $67.
• Teck beat quarterly EPS expectations ($0.98 vs. $0.59) while revenue was slightly below forecasts at $2.23B, and the company declared a quarterly dividend of $0.125 (annualized $0.50, ~0.8% yield; ex-dividend June 15).

Teck Resources Ltd (NYSE:TECK - Get Free Report) TSE: TECK's share price reached a new 52-week high during trading on Thursday . The stock traded as high as $64.07 and last traded at $63.2450, with a volume of 814869 shares trading hands. The stock had previously closed at $62.01.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on TECK shares. UBS Group reaffirmed a "buy" rating on shares of Teck Resources in a research report on Tuesday, January 27th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $62.00 target price on shares of Teck Resources in a research report on Wednesday, April 15th. JPMorgan Chase & Co. upped their target price on Teck Resources from $45.00 to $48.00 and gave the company a "neutral" rating in a research report on Friday, May 1st. Weiss Ratings raised Teck Resources from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, April 24th. Finally, Benchmark upped their target price on Teck Resources from $48.00 to $67.00 and gave the company a "buy" rating in a research report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat.com, Teck Resources presently has an average rating of "Hold" and a consensus price target of $59.17.

Teck Resources Trading Down 1.8%

The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $29.36 billion, a P/E ratio of 22.33, a PEG ratio of 4.34 and a beta of 0.86. The firm has a 50 day moving average of $54.55 and a 200-day moving average of $50.23.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.39. The business had revenue of $2.23 billion during the quarter, compared to analysts' expectations of $2.28 billion. Teck Resources had a return on equity of 7.94% and a net margin of 14.91%.The firm's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 earnings per share. On average, equities research analysts predict that Teck Resources Ltd will post 2.61 earnings per share for the current fiscal year.

Teck Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Monday, June 15th. Teck Resources's payout ratio is 13.55%.

Hedge Funds Weigh In On Teck Resources

Several hedge funds and other institutional investors have recently modified their holdings of the business. Brown Brothers Harriman & Co. acquired a new position in Teck Resources during the fourth quarter worth about $25,000. Geneos Wealth Management Inc. grew its stake 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 buying an additional 303 shares during the last quarter. Blue Trust Inc. grew its stake 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 buying an additional 453 shares during the last quarter. Versant Capital Management Inc acquired a new position in shares of Teck Resources during the third quarter worth $26,000. Finally, Smartleaf Asset Management LLC grew its position 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 during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.