Teck Resources (NYSE:TECK) Shares Gap Down – Here’s What Happened

Teck Resources Limited (NYSE:TECK) (TSE:TECK) shares gapped down before the market opened on Thursday . The stock had previously closed at $49.55, but opened at $46.36. Teck Resources shares last traded at $46.76, with a volume of 2,545,527 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TECK. Citigroup raised Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Eight Capital cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research note on Friday. CIBC raised their price objective on shares of Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research note on Friday, July 12th. Finally, StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Teck Resources presently has a consensus rating of “Moderate Buy” and an average price target of $65.00.

Teck Resources Stock Up 1.2 %

The company has a current ratio of 1.48, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $24.19 billion, a price-to-earnings ratio of 20.95 and a beta of 1.02. The firm’s 50-day moving average price is $48.73 and its 200 day moving average price is $48.73.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The firm had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the business posted $0.91 EPS. The company’s revenue was up 10.1% compared to the same quarter last year. On average, sell-side analysts forecast that Teck Resources Limited will post 1.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Hexagon Capital Partners LLC lifted its stake in Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 386 shares during the last quarter. Eastern Bank bought a new position in shares of Teck Resources in the 3rd quarter valued at $39,000. Headlands Technologies LLC acquired a new stake in shares of Teck Resources during the 2nd quarter valued at $38,000. Bruce G. Allen Investments LLC grew its position in Teck Resources by 77.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after acquiring an additional 383 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its holdings in Teck Resources by 69.7% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 409 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Company Profile

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.