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

Teck Resources Ltd (NYSE:TECK) (TSE:TECK)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $54.66, but opened at $56.82. Teck Resources shares last traded at $56.69, with a volume of 411,777 shares.

Wall Street Analyst Weigh In

TECK has been the subject of several recent research reports. Citigroup raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Monday, February 2nd. Benchmark increased their price target on shares of Teck Resources from $48.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, February 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Teck Resources in a research report on Wednesday, January 21st. TD Securities reissued a “hold” rating on shares of Teck Resources in a research report on Monday, February 23rd. Finally, Scotiabank reissued a “sector perform” rating on shares of Teck Resources in a research report on Tuesday, February 24th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Teck Resources Trading Up 3.2%

The company has a market cap of $27.20 billion, a price-to-earnings ratio of 27.94, a price-to-earnings-growth ratio of 2.88 and a beta of 0.85. The company’s fifty day moving average price is $54.22 and its two-hundred day moving average price is $48.22. The company has a quick ratio of 1.91, a current ratio of 2.54 and a debt-to-equity ratio of 0.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.39. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates 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 quarter last year, the business posted $0.45 earnings per share. Research analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were issued a dividend of $0.125 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.50 annualized dividend and a dividend yield of 0.9%. Teck Resources’s dividend payout ratio (DPR) is presently 18.32%.

Institutional Trading of Teck Resources

Several hedge funds have recently modified their holdings of the company. Welch Group LLC increased its holdings in shares of Teck Resources by 3.5% during the fourth quarter. Welch Group LLC now owns 5,899 shares of the basic materials company’s stock worth $283,000 after buying an additional 199 shares in the last quarter. ASR Vermogensbeheer N.V. grew its stake in shares of Teck Resources by 1.6% during the third quarter. ASR Vermogensbeheer N.V. now owns 16,721 shares of the basic materials company’s stock valued at $734,000 after purchasing an additional 270 shares during the last quarter. Compound Planning Inc. grew its stake in shares of Teck Resources by 1.0% during the fourth 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 last quarter. Smartleaf Asset Management LLC grew its stake in shares of Teck Resources by 72.4% during the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 351 shares during the last quarter. Finally, CWM LLC grew its stake in shares of Teck Resources by 22.7% during the third quarter. CWM LLC now owns 2,078 shares of the basic materials company’s stock valued at $91,000 after purchasing an additional 384 shares during 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.