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

Teck Resources Limited (NYSE:TECK) (TSE:TECK) gapped up before the market opened 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.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on TECK. Benchmark raised their price target on Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, April 8th. JPMorgan Chase & Co. lifted their price objective on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Morgan Stanley reissued an “overweight” rating and set a $55.00 price target on shares of Teck Resources in a research note on Thursday, April 11th. Finally, UBS Group assumed coverage on Teck Resources in a research note on Tuesday, January 16th. They set a “buy” rating on the stock. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $62.80.

Teck Resources Trading Up 9.0 %

The firm has a market cap of $25.29 billion, a price-to-earnings ratio of 14.05, a price-to-earnings-growth ratio of 6.61 and a beta of 1.15. The business’s 50 day moving average price is $43.48 and its 200-day moving average price is $40.28. 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 released its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.01. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.11 billion. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%. Equities analysts expect that Teck Resources Limited will post 3.33 EPS for the current year.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a $0.0925 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.37 annualized dividend and a dividend yield of 0.75%. Teck Resources’s payout ratio is currently 10.79%.

Institutional Investors Weigh In On Teck Resources

Several large investors have recently made changes to their positions in TECK. Hexagon Capital Partners LLC boosted its holdings in shares of Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 386 shares in the last quarter. Baystate Wealth Management LLC bought a new position in shares of Teck Resources in the third quarter valued at approximately $31,000. Creekmur Asset Management LLC bought a new position in shares of Teck Resources in the fourth quarter valued at approximately $35,000. JFS Wealth Advisors LLC boosted its holdings in shares of Teck Resources by 249.0% in the third quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 600 shares in the last quarter. Finally, Optiver Holding B.V. boosted its holdings in shares of Teck Resources by 81.9% in the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 438 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.