Teck Resources (NYSE:TECK) Shares Gap Down – Time to Sell?

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) gapped down before the market opened on Thursday . The stock had previously closed at $48.89, but opened at $44.61. Teck Resources shares last traded at $46.2930, with a volume of 2,786,099 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. TD Securities reissued a “hold” rating on shares of Teck Resources in a report on Monday, February 23rd. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research note on Tuesday, February 24th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $46.00 target price on shares of Teck Resources in a research note on Wednesday, November 26th. National Bank Financial lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 5th. Finally, Truist Financial set a $67.00 price target on shares of Teck Resources in a report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, Teck Resources presently has an average rating of “Hold” and an average price target of $57.00.

Teck Resources Trading Down 4.3%

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.54 and a quick ratio of 1.91. The company has a market capitalization of $21.83 billion, a price-to-earnings ratio of 22.45, a price-to-earnings-growth ratio of 2.89 and a beta of 0.77. The business has a fifty day moving average price of $54.64 and a 200 day moving average price of $46.93.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.39. The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.28 billion. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. Teck Resources’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the company posted $0.45 earnings per share. On average, equities analysts expect that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, March 13th. Teck Resources’s dividend payout ratio (DPR) is currently 17.82%.

Hedge Funds Weigh In On Teck Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in TECK. AQR Capital Management LLC lifted its holdings in Teck Resources by 11.1% during the 1st quarter. AQR Capital Management LLC now owns 34,705 shares of the basic materials company’s stock valued at $1,264,000 after purchasing an additional 3,458 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Teck Resources by 453.0% during the first quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company’s stock worth $354,000 after buying an additional 7,963 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Teck Resources by 1.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 465,861 shares of the basic materials company’s stock valued at $16,971,000 after acquiring an additional 8,146 shares during the last quarter. Creative Planning raised its stake in shares of Teck Resources by 101.5% in the second quarter. Creative Planning now owns 99,765 shares of the basic materials company’s stock valued at $4,029,000 after acquiring an additional 50,243 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in shares of Teck Resources by 0.9% in the 2nd quarter. Cetera Investment Advisers now owns 70,548 shares of the basic materials company’s stock worth $2,849,000 after acquiring an additional 663 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

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.