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

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) gapped down prior to trading on Wednesday . The stock had previously closed at $59.62, but opened at $56.71. Teck Resources shares last traded at $56.8770, with a volume of 1,515,247 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on TECK shares. JPMorgan Chase & Co. raised their target price on shares of Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Weiss Ratings raised Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, April 24th. Wall Street Zen upgraded Teck Resources to a “buy” rating in a research note on Saturday, May 16th. Zacks Research downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 22nd. Finally, TD Securities reissued a “hold” rating on shares of Teck Resources in a report on Friday, April 24th. Five equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $59.17.

Teck Resources Price Performance

The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. The firm has a market cap of $28.46 billion, a price-to-earnings ratio of 21.62, a price-to-earnings-growth ratio of 3.45 and a beta of 0.89. The company’s 50-day moving average is $62.41 and its 200-day moving average is $55.68.

Teck Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, June 15th. Teck Resources’s dividend payout ratio (DPR) is currently 13.19%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TECK. Norges Bank acquired a new stake in shares of Teck Resources in the 4th quarter valued at approximately $404,880,000. Wellington Management Group LLP increased its position in Teck Resources by 264.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock worth $253,695,000 after purchasing an additional 4,194,868 shares in the last quarter. Pentwater Capital Management LP lifted its stake in Teck Resources by 124.1% in the 4th quarter. Pentwater Capital Management LP now owns 6,500,000 shares of the basic materials company’s stock valued at $311,285,000 after purchasing an additional 3,600,000 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Teck Resources in the 4th quarter valued at approximately $169,999,000. Finally, Principal Financial Group Inc. boosted its position in Teck Resources by 17.1% in the first quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock valued at $1,139,051,000 after buying an additional 3,211,985 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.