Teck Resources (NYSE:TECK) Reaches New 1-Year High – What’s Next?

Teck Resources Ltd (NYSE:TECK) (TSE:TECK)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $55.94 and last traded at $54.75, with a volume of 4915839 shares changing hands. The stock had previously closed at $53.01.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TECK. Raymond James Financial cut Teck Resources from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Teck Resources in a research note on Wednesday, January 21st. Benchmark reissued a “buy” rating on shares of Teck Resources in a research report on Thursday, October 23rd. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a report on Monday. Finally, JPMorgan Chase & Co. lifted their price target on Teck Resources from $43.00 to $51.00 and gave the company a “neutral” rating in a research note on Friday, December 5th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and fourteen have given a Hold rating to the company. According to MarketBeat.com, Teck Resources presently has an average rating of “Hold” and a consensus price target of $53.33.

Teck Resources Price Performance

The company has a market capitalization of $26.33 billion, a P/E ratio of 30.76, a price-to-earnings-growth ratio of 0.56 and a beta of 0.79. The business’s 50-day moving average is $46.40 and its two-hundred day moving average is $41.23. The company has a quick ratio of 2.08, a current ratio of 2.78 and a debt-to-equity ratio of 0.15.

Hedge Funds Weigh In On Teck Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. increased its position in shares of Teck Resources by 36.1% during the third quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock valued at $740,604,000 after acquiring an additional 4,474,637 shares during the last quarter. Norges Bank bought a new position in Teck Resources in the 2nd quarter valued at $437,657,000. Boston Partners increased its position in shares of Teck Resources by 1.2% during the 2nd quarter. Boston Partners now owns 9,365,206 shares of the basic materials company’s stock valued at $378,167,000 after purchasing an additional 113,431 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of Teck Resources by 32.7% during the 2nd quarter. Mackenzie Financial Corp now owns 7,989,715 shares of the basic materials company’s stock worth $323,311,000 after purchasing an additional 1,969,286 shares during the period. Finally, Hancock Prospecting Pty Ltd boosted its holdings in shares of Teck Resources by 1.6% in the 3rd quarter. Hancock Prospecting Pty Ltd now owns 7,820,949 shares of the basic materials company’s stock worth $343,261,000 after buying an additional 125,000 shares during the last quarter. Hedge funds and other 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.