Teck Resources (NYSE:TECK) Sets New 1-Year High at $50.93

Teck Resources Limited (NYSE:TECK) (TSE:TECK) shares reached a new 52-week high during trading on Friday . The company traded as high as $50.93 and last traded at $50.46, with a volume of 896570 shares trading hands. The stock had previously closed at $49.54.

Wall Street Analysts Forecast Growth

TECK has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Benchmark lifted their target price on Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, April 8th. UBS Group initiated coverage on Teck Resources in a report on Tuesday, January 16th. They issued a “buy” rating for the company. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $55.00 price objective on shares of Teck Resources in a report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

Teck Resources Stock Up 1.7 %

The company has a 50-day moving average price of $43.94 and a 200 day moving average price of $40.41. The firm has a market capitalization of $25.72 billion, a PE ratio of 22.29, a P/E/G ratio of 8.34 and a beta of 1.15. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.10 and a quick ratio of 0.60.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, beating the consensus estimate of $1.01 by $0.01. The business had revenue of $3.02 billion for the quarter, compared to the consensus estimate of $3.11 billion. Teck Resources had a return on equity of 7.70% and a net margin of 10.59%. Analysts forecast that Teck Resources Limited will post 2.87 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a dividend of $0.0925 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.37 annualized dividend and a yield of 0.73%. Teck Resources’s payout ratio is currently 16.37%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TECK. K.J. Harrison & Partners Inc boosted its holdings in shares of Teck Resources by 7.9% in the first quarter. K.J. Harrison & Partners Inc now owns 192,125 shares of the basic materials company’s stock valued at $8,791,000 after purchasing an additional 14,120 shares during the period. Verdence Capital Advisors LLC lifted its holdings in shares of Teck Resources by 3.3% during the 1st quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock valued at $503,000 after purchasing an additional 353 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Teck Resources by 0.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 193,168 shares of the basic materials company’s stock valued at $8,850,000 after acquiring an additional 1,734 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Teck Resources by 3.2% in the 1st quarter. Assenagon Asset Management S.A. now owns 15,263 shares of the basic materials company’s stock valued at $699,000 after acquiring an additional 470 shares during the period. Finally, Mason & Associates Inc acquired a new position in shares of Teck Resources in the 1st quarter valued at $348,000. Institutional investors own 78.06% of the company’s stock.

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.