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

Shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) gapped down prior to trading on Wednesday . The stock had previously closed at $59.62, but opened at $56.71. Teck Resources shares last traded at $56.8770, with a volume of 1,515,247 shares trading hands.

Analyst Ratings Changes

A number of research analysts have weighed in on TECK shares. Veritas lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. TD Securities reissued a “hold” rating on shares of Teck Resources in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Teck Resources in a report on Friday, May 15th. Wall Street Zen upgraded shares of Teck Resources to a “buy” rating in a report on Saturday, May 16th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Five investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $59.17.

Teck Resources Price Performance

The company has a fifty day moving average of $62.40 and a 200-day moving average of $55.50. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. The stock has a market cap of $27.85 billion, a PE ratio of 21.13, a P/E/G ratio of 3.80 and a beta of 0.89.

Teck Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Monday, June 15th. Teck Resources’s payout ratio is currently 13.19%.

Institutional Trading of Teck Resources

Hedge funds have recently made changes to their positions in the business. Welch Group LLC boosted its stake in shares of Teck Resources by 3.5% in the fourth quarter. Welch Group LLC now owns 5,899 shares of the basic materials company’s stock valued at $283,000 after purchasing an additional 199 shares during the period. Geneos Wealth Management Inc. increased its stake in Teck Resources by 117.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock worth $29,000 after buying an additional 303 shares during the period. Compound Planning Inc. lifted its holdings in Teck Resources by 1.0% during the 4th quarter. Compound Planning Inc. now owns 32,266 shares of the basic materials company’s stock worth $1,545,000 after buying an additional 333 shares in the last quarter. 44 Wealth Management LLC lifted its holdings in Teck Resources by 1.3% during the 4th quarter. 44 Wealth Management LLC now owns 31,488 shares of the basic materials company’s stock worth $1,508,000 after buying an additional 411 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in Teck Resources by 5.5% in the 3rd quarter. NewEdge Advisors LLC now owns 8,635 shares of the basic materials company’s stock valued at $379,000 after buying an additional 452 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.