Teck Resources (NYSE:TECK) Shares Gap Down – Time to Sell?

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) gapped down before the market opened on Friday . The stock had previously closed at $53.47, but opened at $50.30. Teck Resources shares last traded at $50.80, with a volume of 905,508 shares.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TECK shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $46.00 target price on shares of Teck Resources in a research note on Wednesday, November 26th. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a report on Tuesday, February 24th. Weiss Ratings reissued a “hold (c)” rating on shares of Teck Resources in a research report on Wednesday, January 21st. National Bank Financial downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Finally, Raymond James Financial lowered Teck Resources from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $58.00.

Teck Resources Stock Down 5.5%

The stock has a market cap of $24.32 billion, a price-to-earnings ratio of 25.01, a P/E/G ratio of 3.08 and a beta of 0.77. The business has a fifty day moving average of $54.44 and a 200 day moving average of $45.85. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.54 and a quick ratio of 1.91.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.39. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.28 billion. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. The company’s revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.45 earnings per share. On average, equities analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, March 13th. Teck Resources’s payout ratio is presently 17.82%.

Hedge Funds Weigh In On Teck Resources

Several institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its holdings 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 purchasing an additional 4,474,637 shares during the period. Norges Bank acquired a new position in shares of Teck Resources during the second quarter valued at about $437,657,000. Northwest & Ethical Investments L.P. lifted its stake in shares of Teck Resources by 16.1% in the second quarter. Northwest & Ethical Investments L.P. now owns 157,645 shares of the basic materials company’s stock valued at $6,402,000 after buying an additional 21,900 shares during the period. Alps Advisors Inc. lifted its stake in shares of Teck Resources by 37.3% in the third quarter. Alps Advisors Inc. now owns 166,334 shares of the basic materials company’s stock valued at $7,300,000 after buying an additional 45,194 shares during the period. Finally, Swiss National Bank grew its position in Teck Resources by 6.0% during the second quarter. Swiss National Bank now owns 1,428,679 shares of the basic materials company’s stock worth $57,555,000 after buying an additional 80,300 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

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.