Teck Resources (NYSE:TECK) Reaches New 12-Month Low – What’s Next?

Teck Resources Limited (NYSE:TECK) (TSE:TECK)’s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $37.15 and last traded at $37.61, with a volume of 2032164 shares changing hands. The stock had previously closed at $39.78.

Analyst Ratings Changes

A number of research firms recently weighed in on TECK. JPMorgan Chase & Co. lowered their target price on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. Bank of America raised their price target on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday. National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Raymond James dropped their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. Finally, UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $65.22.

Teck Resources Trading Down 6.0 %

The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The firm has a 50-day moving average of $41.80 and a 200-day moving average of $45.24. The firm has a market capitalization of $18.58 billion, a P/E ratio of 68.02 and a beta of 0.93.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. On average, equities research analysts anticipate that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.0879 per share. This represents a $0.35 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date of this dividend is Friday, March 14th. Teck Resources’s payout ratio is currently 61.82%.

Institutional Investors Weigh In On Teck Resources

A number of large investors have recently modified their holdings of TECK. Norges Bank purchased a new stake in Teck Resources in the fourth quarter worth about $470,101,000. Swedbank AB bought a new position in shares of Teck Resources in the 4th quarter worth approximately $103,878,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Teck Resources in the 4th quarter valued at approximately $65,197,000. FMR LLC boosted its position in shares of Teck Resources by 72.8% during the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock valued at $189,848,000 after purchasing an additional 1,531,563 shares in the last quarter. Finally, AMF Tjanstepension AB grew its stake in Teck Resources by 32.2% in the fourth quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock worth $244,252,000 after purchasing an additional 1,467,516 shares during the period. 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.