Teck Resources (NYSE:TECK) Shares Gap Down – What’s Next?

Teck Resources Ltd (NYSE:TECK) (TSE:TECK)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $59.36, but opened at $56.47. Teck Resources shares last traded at $57.35, with a volume of 655,806 shares traded.

Analyst Ratings Changes

Several research firms have recently weighed in on TECK. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a research note on Monday, January 26th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $46.00 target price on shares of Teck Resources in a research report on Wednesday, November 26th. Raymond James Financial lowered shares of Teck Resources from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. JPMorgan Chase & Co. raised their price objective on shares of Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a report on Friday, December 5th. Finally, Citigroup upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $53.33.

Teck Resources Stock Performance

The firm has a market capitalization of $27.68 billion, a PE ratio of 32.40, a PEG ratio of 0.54 and a beta of 0.80. The company has a quick ratio of 2.08, a current ratio of 2.78 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average of $51.44 and a 200 day moving average of $43.74.

Teck Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Friday, March 13th. Teck Resources’s dividend payout ratio (DPR) is currently 20.22%.

Institutional Trading of Teck Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Welch Group LLC grew its position in Teck Resources by 3.5% in the fourth quarter. Welch Group LLC now owns 5,899 shares of the basic materials company’s stock worth $283,000 after acquiring an additional 199 shares in the last quarter. ASR Vermogensbeheer N.V. lifted its stake in Teck Resources by 1.6% during the third quarter. ASR Vermogensbeheer N.V. now owns 16,721 shares of the basic materials company’s stock worth $734,000 after purchasing an additional 270 shares during the last quarter. Stephens Inc. AR lifted its stake in Teck Resources by 4.8% during the second quarter. Stephens Inc. AR now owns 7,189 shares of the basic materials company’s stock worth $290,000 after purchasing an additional 329 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of Teck Resources by 72.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 351 shares in the last quarter. Finally, CWM LLC increased its position in shares of Teck Resources by 22.7% during the 3rd quarter. CWM LLC now owns 2,078 shares of the basic materials company’s stock valued at $91,000 after purchasing an additional 384 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Company Profile

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.