Teck Resources (NYSE:TECK) Shares Gap Down to $45.86

Teck Resources Limited (NYSE:TECK) (TSE:TECK)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $45.86, but opened at $44.63. Teck Resources shares last traded at $45.18, with a volume of 990,018 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TECK. JPMorgan Chase & Co. upped their price target on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. UBS Group began coverage on Teck Resources in a research report on Tuesday, January 16th. They set a “buy” rating on the stock. Morgan Stanley reissued an “overweight” rating and set a $55.00 price target on shares of Teck Resources in a research report on Thursday, April 11th. Finally, Benchmark upped their target price on Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $62.80.

Teck Resources Stock Performance

The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $23.19 billion, a price-to-earnings ratio of 13.24, a price-to-earnings-growth ratio of 6.61 and a beta of 1.15. The firm has a 50-day simple moving average of $43.33 and a two-hundred day simple moving average of $40.24.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.01. The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.11 billion. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. As a group, sell-side analysts forecast that Teck Resources Limited will post 3.33 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.0925 per share. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date was Thursday, March 14th. Teck Resources’s dividend payout ratio is 10.79%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. increased its holdings in shares of Teck Resources by 3.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 15,263 shares of the basic materials company’s stock valued at $699,000 after acquiring an additional 470 shares during the last quarter. Mason & Associates Inc bought a new stake in Teck Resources during the 1st quarter valued at approximately $348,000. Raymond James & Associates boosted its stake in Teck Resources by 1.1% during the 1st quarter. Raymond James & Associates now owns 315,825 shares of the basic materials company’s stock valued at $14,458,000 after purchasing an additional 3,485 shares during the period. Maryland State Retirement & Pension System boosted its stake in Teck Resources by 1.8% during the 1st quarter. Maryland State Retirement & Pension System now owns 48,111 shares of the basic materials company’s stock valued at $2,267,000 after purchasing an additional 864 shares during the period. Finally, Tradewinds Capital Management LLC bought a new stake in Teck Resources during the 1st quarter valued at approximately $114,000. Institutional investors and hedge funds 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.