Teck Resources (NYSE:TECK) Stock Price Breaks Above 200 Day Moving Average – Here’s What Happened

Teck Resources Ltd (NYSE:TECK) (TSE:TECK)’s stock price passed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $61.78 and traded as high as $68.30. Teck Resources shares last traded at $67.1390, with a volume of 1,734,683 shares traded.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Weiss Ratings upgraded shares of Teck Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Raymond James Financial raised shares of Teck Resources from a “market perform” rating to an “outperform” rating in a research report on Thursday, July 23rd. JPMorgan Chase & Co. increased their price target on Teck Resources from $46.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, July 28th. Finally, Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $62.25.

Teck Resources Stock Down 0.9%

The company’s 50-day moving average price is $66.61 and its 200 day moving average price is $61.90. 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 stock has a market cap of $31.31 billion, a PE ratio of 17.56, a price-to-earnings-growth ratio of 2.04 and a beta of 1.01.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.40. The company had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.38 billion. Teck Resources had a net margin of 17.85% and a return on equity of 10.42%. The firm’s revenue was up 78.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. As a group, analysts forecast that Teck Resources Ltd will post 4.11 EPS for the current fiscal year.

Teck Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were given a dividend of C$0.12 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. Teck Resources’s payout ratio is presently 9.76%.

Institutional Investors Weigh In On Teck Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. lifted its stake in shares of Teck Resources by 117.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 303 shares during the last quarter. Welch Group LLC increased its position in shares of Teck Resources by 6.2% during the 1st quarter. Welch Group LLC now owns 6,266 shares of the basic materials company’s stock worth $324,000 after purchasing an additional 367 shares during the last quarter. Blue Trust Inc. raised its holdings in Teck Resources by 411.8% in the 1st quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock valued at $29,000 after buying an additional 453 shares during the period. Elevation Point Wealth Partners LLC raised its holdings in Teck Resources by 8.9% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 5,720 shares of the basic materials company’s stock valued at $296,000 after buying an additional 466 shares during the period. Finally, AMG National Trust Bank lifted its position in Teck Resources by 13.1% in the first quarter. AMG National Trust Bank now owns 5,531 shares of the basic materials company’s stock valued at $286,000 after buying an additional 640 shares during the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

About Teck Resources

Teck Resources Limited is a Canadian mining and metals company headquartered in Vancouver, British Columbia. The company focuses primarily on the exploration, development and production of copper and zinc, which are used in construction, infrastructure, manufacturing and the global energy transition.

Teck’s copper operations include the Highland Valley Copper mine in British Columbia, the Carmen de Andacollo mine in Chile and the Quebrada Blanca operation in northern Chile. Its zinc business includes the Red Dog mine in Alaska, one of the world’s significant zinc-producing operations.