Teck Resources (NYSE:TECK) Stock Price Breaks Below Two Hundred Day Moving Average – Here’s Why

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $60.67 and traded as low as $59.85. Teck Resources shares last traded at $59.9510, with a volume of 4,900,638 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TECK. Canaccord Genuity Group reduced their target price on shares of Teck Resources from $96.50 to $87.00 and set a “hold” rating on the stock in a research note on Friday, October 30th. JPMorgan Chase & Co. lifted their price target on shares of Teck Resources from $47.00 to $63.00 and gave the stock a “neutral” rating in a research note on Friday, October 30th. Wall Street Zen downgraded shares of Teck Resources from a “buy” rating to a “hold” rating in a report on Saturday, October 31st. Raymond James Financial raised shares of Teck Resources from a “market perform” rating to an “outperform” rating in a research report on Thursday, July 23rd. Finally, Stifel Nicolaus increased their price objective on shares of Teck Resources from $82.00 to $95.00 and gave the stock a “hold” rating in a research report on Tuesday, October 20th. Six equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Teck Resources presently has an average rating of “Hold” and a consensus target price of $75.25.

Teck Resources Stock Performance

The firm has a market cap of $28.97 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 2.03 and a beta of 1.01. The business has a 50 day simple moving average of $65.49 and a two-hundred day simple moving average of $60.67. The company has a quick ratio of 2.33, a current ratio of 2.80 and a debt-to-equity ratio of 0.11.

Teck Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be paid a C$0.12 dividend. This represents a $0.50 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, December 15th. Teck Resources’s dividend payout ratio (DPR) is currently 6.26%.

Institutional Investors Weigh In On Teck Resources

Several large investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. boosted its stake in shares of Teck Resources by 117.4% during the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 303 shares in the last quarter. SBI Securities Co. Ltd. increased its holdings in Teck Resources by 101.8% during the third quarter. SBI Securities Co. Ltd. now owns 900 shares of the basic materials company’s stock valued at $59,000 after buying an additional 454 shares during the period. Elevation Point Wealth Partners LLC increased its holdings in Teck Resources by 8.9% during the first quarter. Elevation Point Wealth Partners LLC now owns 5,720 shares of the basic materials company’s stock valued at $296,000 after buying an additional 466 shares during the period. AMG National Trust Bank raised its stake in Teck Resources by 13.1% in the first quarter. AMG National Trust Bank now owns 5,531 shares of the basic materials company’s stock worth $286,000 after buying an additional 640 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in Teck Resources by 8.5% in the third quarter. Commonwealth Equity Services LLC now owns 8,182 shares of the basic materials company’s stock worth $538,000 after buying an additional 642 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Company Profile

Teck Resources Limited is a Canadian mining and mineral development company focused primarily on copper and zinc, commodities used in electrification, infrastructure, manufacturing and other industrial applications. The company explores for, develops and operates mines, mineral processing facilities and related infrastructure.

Teck’s copper assets include Highland Valley Copper in British Columbia, Canada; Carmen de Andacollo in Chile; and Quebrada Blanca in northern Chile. Its zinc operations include the Red Dog mine in Alaska and the Trail Operations metallurgical complex in British Columbia, which produces refined metals, alloys and other related products.