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

Shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) gapped down prior to trading 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.

Analyst Ratings Changes

Several equities analysts have weighed in on TECK shares. Scotiabank raised their target price on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. StockNews.com upgraded shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday. Citigroup upgraded shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. CIBC raised their price target on shares of Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday, July 12th. Finally, Benchmark reaffirmed a “buy” rating and set a $55.00 price objective on shares of Teck Resources in a research report on Thursday, July 25th. Three 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 presently has a consensus rating of “Moderate Buy” and an average price target of $67.43.

Teck Resources Trading Down 5.7 %

The company’s fifty day moving average price is $48.80 and its two-hundred day moving average price is $48.74. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The company has a market cap of $23.65 billion, a price-to-earnings ratio of 22.73 and a beta of 1.02.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Teck Resources by 1.8% during the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock worth $765,493,000 after purchasing an additional 290,034 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Teck Resources by 2.4% during the 1st quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock worth $394,178,000 after buying an additional 203,607 shares in the last quarter. CIBC Asset Management Inc boosted its position in Teck Resources by 1.4% in the 2nd 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. increased its stake in shares of Teck Resources by 7.3% in the 2nd quarter. Principal Financial Group Inc. now owns 6,103,740 shares of the basic materials company’s stock valued at $292,441,000 after buying an additional 416,070 shares during the period. Finally, Mackenzie Financial Corp raised its position in shares of Teck Resources by 10.3% during the second quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock worth $280,655,000 after acquiring an additional 546,801 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.