Teck Resources (NYSE:TECK) Shares Gap Down – Here’s Why

Teck Resources Limited (NYSE:TECK) (TSE:TECK) shares gapped down before the market opened on Thursday . The stock had previously closed at $49.55, but opened at $46.36. Teck Resources shares last traded at $46.76, with a volume of 2,545,527 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TECK. Scotiabank upped their price target on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research report on Tuesday, October 8th. CIBC raised their target price on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday, July 12th. BMO Capital Markets initiated coverage on Teck Resources in a research report on Monday, July 15th. They issued an “outperform” rating on the stock. JPMorgan Chase & Co. lowered their price objective on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday. Finally, UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating and upped their target price for the company from $76.00 to $78.00 in a report on Wednesday, September 4th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $65.00.

Teck Resources Trading Up 1.2 %

The company has a current ratio of 1.48, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. The firm’s 50-day moving average price is $48.73 and its 200 day moving average price is $48.73. The company has a market cap of $24.19 billion, a price-to-earnings ratio of 20.95 and a beta of 1.02.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.32. The firm had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The business’s revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 earnings per share. As a group, equities analysts expect that Teck Resources Limited will post 1.93 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Teck Resources by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after acquiring an additional 290,034 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Teck Resources by 2.4% in the first quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock valued at $394,178,000 after purchasing an additional 203,607 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Teck Resources by 1.4% during the second quarter. CIBC Asset Management Inc now owns 6,330,121 shares of the basic materials company’s stock valued at $303,161,000 after buying an additional 90,089 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Teck Resources by 7.3% during the second quarter. Principal Financial Group Inc. now owns 6,103,740 shares of the basic materials company’s stock worth $292,441,000 after buying an additional 416,070 shares in the last quarter. Finally, Mackenzie Financial Corp raised its position in Teck Resources by 10.3% in the 2nd quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock valued at $280,655,000 after buying an additional 546,801 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Company Profile

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.