Teck Resources (NYSE:TECK) Shares Gap Up - Here's Why

Key Points

• Shares gapped up pre-market from $54.66 to $56.82 and last traded at $56.69 on volume of 411,777 shares.
• Analysts assign TECK an average rating of "Moderate Buy" with an average target of $57, comprised of 2 Strong Buy, 6 Buy and 12 Hold ratings.
• Quarterly fundamentals beat expectations (EPS $0.98 vs. $0.59), revenue was up 9.8% YoY, market cap is $27.2B, and the company pays a quarterly dividend of $0.125 (annualized $0.50, 0.9% yield).

Shares of Teck Resources Ltd (NYSE:TECK - Get Free Report) TSE: TECK gapped up before the market opened 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 trading hands.

Wall Street Analyst Weigh In

TECK has been the subject of a number of recent analyst reports. TD Securities restated a "hold" rating on shares of Teck Resources in a report on Monday, February 23rd. Zacks Research upgraded shares of Teck Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, March 23rd. Raymond James Financial cut shares of Teck Resources from an "outperform" rating to a "market perform" rating in a report on Wednesday, January 14th. Citigroup upgraded shares of Teck Resources from a "neutral" rating to a "buy" rating in a report on Monday, February 2nd. Finally, Scotiabank restated a "sector perform" rating on shares of Teck Resources in a report on Tuesday, February 24th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, Teck Resources has an average rating of "Moderate Buy" and an average target price of $57.00.

Teck Resources Price Performance

The stock's 50-day moving average price is $54.22 and its 200 day moving average price is $48.22. The firm 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 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 - Get Free Report) TSE: TECK last announced its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.39. The business 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 firm's revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share. Equities research analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were given a dividend of $0.125 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.9%. Teck Resources's dividend payout ratio is currently 18.32%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Brown Brothers Harriman & Co. acquired a new position in shares of Teck Resources during the fourth quarter valued at about $25,000. Versant Capital Management Inc acquired a new position in Teck Resources in the third quarter worth about $26,000. Smartleaf Asset Management LLC raised its position in Teck Resources by 72.4% in the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company's stock worth $37,000 after purchasing an additional 351 shares in the last quarter. SouthState Bank Corp acquired a new position in Teck Resources in the third quarter worth about $50,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Teck Resources by 43.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company's stock worth $76,000 after purchasing an additional 524 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

About Teck Resources

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.

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