Teck Resources (NYSE:TECK) Shares Gap Down to $53.40

Teck Resources Limited (NYSE:TECK - Get Free Report) TSE: TECK's share price gapped down before the market opened on Wednesday . The stock had previously closed at $53.40, but opened at $51.74. Teck Resources shares last traded at $51.65, with a volume of 457,386 shares traded.

Analysts Set New Price Targets

TECK has been the subject of several research reports. Morgan Stanley reissued an "overweight" rating and issued a $55.00 price objective on shares of Teck Resources in a research report on Thursday, April 11th. Benchmark increased their price objective on Teck Resources from $50.00 to $52.00 and gave the company a "buy" rating in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. increased their price objective on Teck Resources from $44.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, April 17th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $57.86.

Teck Resources Stock Performance

The company has a quick ratio of 0.86, a current ratio of 1.49 and a debt-to-equity ratio of 0.20. The stock has a market cap of $25.94 billion, a P/E ratio of 22.44, a PEG ratio of 12.14 and a beta of 1.12. The stock has a fifty day simple moving average of $48.05 and a 200-day simple moving average of $42.06.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.31). Teck Resources had a net margin of 10.59% and a return on equity of 7.52%. The firm had revenue of $2.96 billion during the quarter, compared to analyst estimates of $2.99 billion. Equities analysts expect that Teck Resources Limited will post 2.18 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 17th will be given a dividend of $0.0911 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.72%. The ex-dividend date is Monday, June 17th. Teck Resources's dividend payout ratio (DPR) is 16.37%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Wealthsource Partners LLC increased its holdings in shares of Teck Resources by 4.0% during the 3rd quarter. Wealthsource Partners LLC now owns 7,747 shares of the basic materials company's stock worth $334,000 after acquiring an additional 300 shares during the last quarter. First Hawaiian Bank increased its holdings in shares of Teck Resources by 6.0% during the 1st quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company's stock worth $254,000 after acquiring an additional 313 shares during the last quarter. Verdence Capital Advisors LLC increased its holdings in shares of Teck Resources by 3.3% during the 1st quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company's stock worth $503,000 after acquiring an additional 353 shares during the last quarter. Shell Asset Management Co. increased its holdings in shares of Teck Resources by 2.9% during the 3rd quarter. Shell Asset Management Co. now owns 13,649 shares of the basic materials company's stock worth $590,000 after acquiring an additional 386 shares during the last quarter. Finally, Hexagon Capital Partners LLC increased its holdings in shares of Teck Resources by 143.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company's stock worth $30,000 after acquiring an additional 386 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.