Teck Resources (NYSE:TECK) Shares Gap Up to $45.44

Teck Resources Limited (NYSE:TECK) (TSE:TECK)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $45.44, but opened at $48.69. Teck Resources shares last traded at $48.22, with a volume of 3,437,135 shares traded.

Wall Street Analyst Weigh In

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

Teck Resources Price Performance

The firm has a fifty day moving average price of $43.71 and a two-hundred day moving average price of $40.34. The stock has a market capitalization of $25.72 billion, a P/E ratio of 22.29, a PEG ratio of 8.34 and a beta of 1.15. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.60 and a current ratio of 1.10.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.01. Teck Resources had a return on equity of 7.70% and a net margin of 10.59%. The company had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.11 billion. As a group, analysts expect that Teck Resources Limited will post 2.87 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued 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 0.73%. Teck Resources’s dividend payout ratio is currently 16.37%.

Hedge Funds Weigh In On Teck Resources

Institutional investors have recently bought and sold shares of the stock. Wealthsource Partners LLC increased its stake in Teck Resources by 4.0% in the 3rd quarter. Wealthsource Partners LLC now owns 7,747 shares of the basic materials company’s stock worth $334,000 after buying an additional 300 shares in the last quarter. First Hawaiian Bank increased its stake in Teck Resources by 6.0% in the 1st quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock worth $254,000 after buying an additional 313 shares in the last quarter. Verdence Capital Advisors LLC increased its stake in Teck Resources by 3.3% in the 1st quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock worth $503,000 after buying an additional 353 shares in the last quarter. Shell Asset Management Co. increased its stake in Teck Resources by 2.9% in the 3rd quarter. Shell Asset Management Co. now owns 13,649 shares of the basic materials company’s stock worth $590,000 after buying an additional 386 shares in the last quarter. Finally, Hexagon Capital Partners LLC increased its stake in Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after buying an additional 386 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

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.