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

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

Analysts Set New Price Targets

Several research analysts recently commented on TECK shares. UBS Group assumed coverage on shares of Teck Resources in a report on Tuesday, January 16th. They set a “buy” rating for the company. Morgan Stanley reiterated an “overweight” rating and issued a $55.00 price target on shares of Teck Resources in a research note on Thursday, April 11th. JPMorgan Chase & Co. increased their price target on shares of Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Finally, Benchmark increased their price target on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock 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 capitalization of $25.29 billion, a P/E 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 is $43.48 and its 200 day moving average is $40.28. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.10 and a quick ratio of 0.60.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.01. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%. The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.11 billion. As a group, analysts anticipate that Teck Resources Limited will post 3.33 EPS for the current fiscal year.

Teck Resources Cuts Dividend

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

Hedge Funds Weigh In On Teck Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in TECK. Ninety One SA PTY Ltd increased its position in shares of Teck Resources by 45.1% in the fourth quarter. Ninety One SA PTY Ltd now owns 147,093 shares of the basic materials company’s stock worth $6,236,000 after purchasing an additional 45,750 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Teck Resources by 45.7% during the fourth quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock valued at $280,491,000 after purchasing an additional 2,080,295 shares during the period. Douglas Lane & Associates LLC lifted its stake in Teck Resources by 54.3% in the fourth quarter. Douglas Lane & Associates LLC now owns 663,366 shares of the basic materials company’s stock worth $28,040,000 after acquiring an additional 233,361 shares during the period. Pantechnicon Advisors LLP lifted its stake in Teck Resources by 40.1% in the third quarter. Pantechnicon Advisors LLP now owns 465,000 shares of the basic materials company’s stock worth $20,037,000 after acquiring an additional 133,000 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its position in Teck Resources by 4.6% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 120,841 shares of the basic materials company’s stock valued at $5,191,000 after buying an additional 5,304 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

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.