Teck Resources (NYSE:TECK) Shares Gap Up – Still a Buy?

Teck Resources Limited (NYSE:TECK) (TSE:TECK) gapped up prior to trading on Tuesday . The stock had previously closed at $46.13, but opened at $47.50. Teck Resources shares last traded at $46.46, with a volume of 512,447 shares.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Citigroup upgraded Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. dropped their price objective on Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. UBS Group lowered Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, Scotiabank raised their price target on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Price Performance

The firm has a 50-day moving average of $48.71 and a 200-day moving average of $48.34. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The stock has a market cap of $23.98 billion, a PE ratio of 69.88 and a beta of 1.03.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The firm had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter last year, the business posted $0.57 earnings per share. The company’s revenue for the quarter was down 20.6% compared to the same quarter last year. Research analysts predict that Teck Resources Limited will post 1.82 EPS for the current year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.0895 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.76%. The ex-dividend date is Friday, December 13th. Teck Resources’s dividend payout ratio (DPR) is presently 56.06%.

Institutional Investors Weigh In On Teck Resources

A number of hedge funds have recently bought and sold shares of TECK. TD Asset Management Inc raised its holdings in shares of Teck Resources by 49.0% in the second quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock worth $237,202,000 after buying an additional 1,629,149 shares during the period. FMR LLC grew its holdings in shares of Teck Resources by 72.8% in the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after purchasing an additional 1,531,563 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new position in Teck Resources in the 3rd quarter worth about $70,549,000. Principal Financial Group Inc. lifted its holdings in Teck Resources by 21.7% during the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after buying an additional 1,326,241 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in Teck Resources by 48.4% in the 2nd quarter. National Bank of Canada FI now owns 3,934,663 shares of the basic materials company’s stock worth $188,111,000 after acquiring an additional 1,283,876 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

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.