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

Teck Resources Limited (NYSE:TECK - Get Free Report) TSE: TECK gapped up prior to trading 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.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Benchmark lifted their target price on Teck Resources from $50.00 to $52.00 and gave the company a "buy" rating in a research note on Monday, April 8th. Morgan Stanley reiterated an "overweight" rating and set a $55.00 price target on shares of Teck Resources in a report on Thursday, April 11th. UBS Group began coverage on Teck Resources in a research report on Tuesday, January 16th. They set a "buy" rating for the company. Finally, JPMorgan Chase & Co. boosted their price target on Teck Resources from $44.00 to $50.00 and gave the stock 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 issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $62.80.

Teck Resources Stock Up 9.0 %

The company has a debt-to-equity ratio of 0.21, a current ratio of 1.10 and a quick ratio of 0.60. The stock has a market capitalization of $25.27 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 6.61 and a beta of 1.15. The firm has a 50 day moving average of $43.48 and a 200-day moving average of $40.28.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.01. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.11 billion. On average, equities research analysts expect that Teck Resources Limited will post 3.33 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.0925 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.37 annualized dividend and a dividend yield of 0.75%. Teck Resources's dividend payout ratio is currently 10.79%.

Hedge Funds Weigh In On Teck Resources

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Teck Resources by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 16,431,096 shares of the basic materials company's stock worth $694,542,000 after buying an additional 457,592 shares in the last quarter. FIL Ltd raised its holdings in shares of Teck Resources by 98.8% in the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company's stock worth $504,588,000 after buying an additional 5,933,226 shares in the last quarter. Boston Partners raised its holdings in shares of Teck Resources by 28.8% in the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company's stock worth $484,995,000 after buying an additional 2,432,378 shares in the last quarter. Mackenzie Financial Corp grew its position in Teck Resources by 45.7% during the 4th quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company's stock worth $280,491,000 after acquiring an additional 2,080,295 shares during the last quarter. Finally, CIBC Asset Management Inc grew its position in Teck Resources by 2.8% during the 4th quarter. CIBC Asset Management Inc now owns 6,388,652 shares of the basic materials company's stock worth $270,918,000 after acquiring an additional 174,492 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

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.