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

Teck Resources Limited (NYSE:TECK) (TSE:TECK)’s share price gapped down prior to trading 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 changing hands.

Wall Street Analysts Forecast Growth

TECK has been the topic of several research analyst reports. UBS Group initiated coverage on shares of Teck Resources in a report on Tuesday, January 16th. They issued a “buy” rating on the stock. Morgan Stanley reissued an “overweight” rating and issued a $55.00 price target on shares of Teck Resources in a report on Thursday, April 11th. Benchmark increased their price target on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a report on Monday, April 8th. Finally, JPMorgan Chase & Co. increased their price target on shares of Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $62.80.

Teck Resources Price 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 firm has a market cap of $23.08 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 6.85 and a beta of 1.15. The company’s 50-day moving average is $43.16 and its 200-day moving average is $40.21.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 16.21% and a return on equity of 9.67%. Equities research analysts predict that Teck Resources Limited will post 3.33 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.0925 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.37 dividend on an annualized basis and a yield of 0.82%. Teck Resources’s dividend payout ratio is currently 10.79%.

Institutional Trading of Teck Resources

Hedge funds have recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC boosted its position in Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after buying an additional 386 shares in the last quarter. Baystate Wealth Management LLC acquired a new position in shares of Teck Resources during the third quarter worth $31,000. Creekmur Asset Management LLC acquired a new position in shares of Teck Resources during the fourth quarter worth $35,000. JFS Wealth Advisors LLC lifted its holdings in shares of Teck Resources by 249.0% during the third quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 600 shares during the period. Finally, Optiver Holding B.V. lifted its holdings in shares of Teck Resources by 81.9% during the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 438 shares during the period. 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.