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

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) shares 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 traded.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on TECK shares. Raymond James Financial cut Teck Resources from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 14th. TD Securities restated a “hold” rating on shares of Teck Resources in a research report on Monday, February 23rd. UBS Group reiterated a “buy” rating on shares of Teck Resources in a research report on Tuesday, January 27th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $46.00 target price on shares of Teck Resources in a research note on Wednesday, November 26th. Finally, Truist Financial set a $67.00 target price on shares of Teck Resources in a research report on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, Teck Resources presently has an average rating of “Hold” and an average target price of $57.00.

Teck Resources Stock Down 4.3%

The company has a market cap of $22.52 billion, a price-to-earnings ratio of 23.18, a price-to-earnings-growth ratio of 3.04 and a beta of 0.77. The stock has a 50-day simple moving average of $54.77 and a 200-day simple moving average of $46.85. The company has a current ratio of 2.54, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.39. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.28 billion. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. The company’s revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 earnings per share. As a group, analysts predict that Teck Resources Ltd will post 1.53 EPS for the current 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 dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, March 13th. Teck Resources’s payout ratio is 18.32%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Rockefeller Capital Management L.P. raised its holdings in Teck Resources by 82.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 11,602 shares of the basic materials company’s stock worth $556,000 after purchasing an additional 5,251 shares in the last quarter. Corient Private Wealth LLC boosted its stake in Teck Resources by 15.3% during the 4th quarter. Corient Private Wealth LLC now owns 41,022 shares of the basic materials company’s stock valued at $1,965,000 after purchasing an additional 5,452 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of Teck Resources by 4,655.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 7,561 shares of the basic materials company’s stock valued at $362,000 after purchasing an additional 7,402 shares during the period. Compound Planning Inc. increased its position in shares of Teck Resources by 1.0% during the 4th quarter. Compound Planning Inc. now owns 32,266 shares of the basic materials company’s stock valued at $1,545,000 after purchasing an additional 333 shares during the period. Finally, Vident Advisory LLC raised its stake in shares of Teck Resources by 1,245.1% in the 4th quarter. Vident Advisory LLC now owns 69,782 shares of the basic materials company’s stock worth $3,342,000 after buying an additional 64,594 shares in the last quarter. Institutional investors and hedge funds 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.