Teck Resources (NYSE:TECK) Hits New 12-Month Low – Here’s Why

Teck Resources Limited (NYSE:TECK) (TSE:TECK)’s stock 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 trading hands. The stock had previously closed at $39.78.

Wall Street Analysts Forecast Growth

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

Teck Resources Stock Performance

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

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

Teck Resources Cuts Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Employees Retirement System of Texas purchased a new position in shares of Teck Resources in the fourth quarter valued at about $230,000. Ameriflex Group Inc. bought a new position in Teck Resources in the 4th quarter worth approximately $50,000. Mackenzie Financial Corp boosted its stake in Teck Resources by 7.4% in the 4th quarter. Mackenzie Financial Corp now owns 5,882,543 shares of the basic materials company’s stock worth $238,245,000 after purchasing an additional 404,095 shares during the period. Vise Technologies Inc. raised its position in shares of Teck Resources by 14.6% during the fourth quarter. Vise Technologies Inc. now owns 5,942 shares of the basic materials company’s stock valued at $241,000 after buying an additional 757 shares during the last quarter. Finally, Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new position in shares of Teck Resources in the fourth quarter worth $335,000. 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.