Teck Resources (NYSE:TECK) Shares Gap Down – Here’s What Happened

Teck Resources Limited (NYSE:TECK) (TSE:TECK)’s share price gapped down prior to trading on Monday . The stock had previously closed at $51.20, but opened at $49.57. Teck Resources shares last traded at $50.79, with a volume of 246,286 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on TECK shares. BMO Capital Markets initiated coverage on Teck Resources in a research note on Monday, July 15th. They set an “outperform” rating on the stock. Paradigm Capital upgraded shares of Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Citigroup upgraded shares of Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. cut their price objective on Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Finally, CIBC lifted their price objective on Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research report on Friday, July 12th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $67.00.

Teck Resources Stock Performance

The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. The company has a market cap of $26.07 billion, a P/E ratio of 22.48 and a beta of 1.02. The firm has a 50 day moving average price of $48.04 and a 200-day moving average price of $48.55.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.47 by $0.32. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The company had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the company posted $0.91 earnings per share. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. On average, research analysts predict that Teck Resources Limited will post 2 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Daymark Wealth Partners LLC grew its position in shares of Teck Resources by 2.8% in the third quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock valued at $458,000 after purchasing an additional 242 shares during the last quarter. First Hawaiian Bank lifted its holdings in shares of Teck Resources by 6.0% during the first quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock worth $254,000 after buying an additional 313 shares during the last quarter. Cigna Investments Inc. New boosted its position in shares of Teck Resources by 3.8% in the second quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock valued at $420,000 after acquiring an additional 317 shares during the period. Candriam S.C.A. grew its stake in shares of Teck Resources by 4.0% in the second quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock worth $426,000 after acquiring an additional 343 shares during the last quarter. Finally, Evergreen Capital Management LLC increased its position in Teck Resources by 7.8% during the second quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock worth $243,000 after acquiring an additional 365 shares during the period. Institutional investors 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.