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

Shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) gapped down prior to trading on Thursday . The stock had previously closed at $70.34, but opened at $65.61. Teck Resources shares last traded at $64.94, with a volume of 1,121,178 shares.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TECK. Raymond James Financial upgraded Teck Resources from a “market perform” rating to an “outperform” rating in a report on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Wall Street Zen lowered shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 26th. Weiss Ratings upgraded shares of Teck Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 4th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Teck Resources from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, July 28th. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $62.25.

Teck Resources Stock Up 0.7%

The company has a quick ratio of 2.33, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. The stock has a 50 day simple moving average of $63.74 and a 200 day simple moving average of $60.32. The stock has a market cap of $32.05 billion, a price-to-earnings ratio of 17.98, a PEG ratio of 2.05 and a beta of 0.94.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.40. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%.The company had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the firm earned $0.38 earnings per share. Teck Resources’s revenue for the quarter was up 78.2% on a year-over-year basis. As a group, analysts expect that Teck Resources Ltd will post 4.03 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Tuesday, September 15th. Teck Resources’s payout ratio is 9.76%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Brown Brothers Harriman & Co. acquired a new position in shares of Teck Resources during the fourth quarter valued at about $25,000. Geneos Wealth Management Inc. raised its holdings in shares of Teck Resources by 117.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 303 shares during the last quarter. Blue Trust Inc. lifted its position in Teck Resources by 411.8% in the 1st quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 453 shares in the last quarter. Versant Capital Management Inc lifted its position in Teck Resources by 86.5% in the 2nd quarter. Versant Capital Management Inc now owns 1,587 shares of the basic materials company’s stock valued at $94,000 after acquiring an additional 736 shares in the last quarter. Finally, Oslo Pensjonsforsikring AS acquired a new position in Teck Resources during the 1st quarter valued at about $83,000. 78.06% of the stock is owned by institutional investors.

Teck Resources Company Profile

Teck Resources Limited is a Canadian mining and metals company focused primarily on the exploration, development and production of base metals. Its principal products include copper, zinc and lead, along with associated by-products such as molybdenum, silver and germanium. Copper is an increasingly important part of Teck’s business as the metal is used in electrical infrastructure, renewable energy systems, transportation and industrial applications.

Teck operates and develops mining assets in Canada, Chile and Peru.