Teck Resources (NYSE:TECK) Shares Gap Up – Here’s Why

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) shares gapped up prior to trading on Friday . The stock had previously closed at $51.24, but opened at $54.00. Teck Resources shares last traded at $53.3240, with a volume of 908,169 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Teck Resources from $43.00 to $51.00 and gave the company a “neutral” rating in a report on Friday, December 5th. TD Securities lowered Teck Resources from a “buy” rating to a “hold” rating in a research note on Thursday. Citigroup reissued a “neutral” rating on shares of Teck Resources in a research note on Thursday, January 15th. Veritas upgraded Teck Resources from a “strong sell” rating to a “strong-buy” rating in a report on Thursday, January 15th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $46.00 target price on shares of Teck Resources in a report on Wednesday, November 26th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and fourteen have assigned a Hold rating to the stock. According to data from MarketBeat, Teck Resources has a consensus rating of “Hold” and a consensus price target of $53.33.

Teck Resources Stock Up 3.5%

The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.08 and a current ratio of 2.78. The stock has a market cap of $25.50 billion, a price-to-earnings ratio of 29.80, a price-to-earnings-growth ratio of 0.56 and a beta of 0.79. The business’s 50 day moving average is $46.12 and its 200 day moving average is $41.10.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.16. The company had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.93 billion. Teck Resources had a return on equity of 4.14% and a net margin of 11.93%.The company’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 earnings per share. Equities analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Institutional Investors Weigh In On Teck Resources

Institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in Teck Resources during the second quarter valued at approximately $437,657,000. 1832 Asset Management L.P. raised its holdings in shares of Teck Resources by 1,555.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 5,738,457 shares of the basic materials company’s stock worth $231,719,000 after buying an additional 5,391,907 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Teck Resources by 36.1% during the 3rd quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock worth $740,604,000 after buying an additional 4,474,637 shares during the period. Wellington Management Group LLP boosted its stake in Teck Resources by 264.5% in the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock valued at $253,695,000 after buying an additional 4,194,868 shares in the last quarter. Finally, Pentwater Capital Management LP grew its position in Teck Resources by 7,150.0% in the third quarter. Pentwater Capital Management LP now owns 2,900,000 shares of the basic materials company’s stock valued at $127,281,000 after acquiring an additional 2,860,000 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Company Profile

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.