Teck Resources (NYSE:TECK) Shares Gap Up – Time to Buy?

Teck Resources Ltd (NYSE:TECK) (TSE:TECK)’s stock price 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 changing hands.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. TD Securities reaffirmed a “hold” rating on shares of Teck Resources in a research note on Monday, February 23rd. Benchmark lifted their target price on Teck Resources from $48.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, February 23rd. UBS Group reaffirmed a “buy” rating on shares of Teck Resources in a research note on Tuesday, January 27th. Citigroup upgraded Teck Resources from a “neutral” rating to a “buy” rating in a report on Monday, February 2nd. Finally, Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a report on Tuesday, February 24th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.00.

Teck Resources Trading Up 3.3%

The company has a market capitalization of $27.21 billion, a price-to-earnings ratio of 27.95, a price-to-earnings-growth ratio of 2.86 and a beta of 0.85. The business has a fifty day moving average price of $54.28 and a 200 day moving average price of $48.41. 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 issued its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.39. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.28 billion. During the same period in the previous year, the company earned $0.45 earnings per share. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. On average, equities analysts expect that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Announces Dividend

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TECK. AQR Capital Management LLC lifted its holdings in shares of Teck Resources by 11.1% during the first quarter. AQR Capital Management LLC now owns 34,705 shares of the basic materials company’s stock worth $1,264,000 after buying an additional 3,458 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of Teck Resources by 453.0% during the first quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company’s stock valued at $354,000 after purchasing an additional 7,963 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Teck Resources by 1.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 465,861 shares of the basic materials company’s stock valued at $16,971,000 after purchasing an additional 8,146 shares during the period. Marshall Wace LLP increased its position in shares of Teck Resources by 189.3% during the second quarter. Marshall Wace LLP now owns 218,242 shares of the basic materials company’s stock valued at $8,813,000 after purchasing an additional 142,816 shares during the period. Finally, NewEdge Advisors LLC increased its position in shares of Teck Resources by 4,602.9% during the second quarter. NewEdge Advisors LLC now owns 8,183 shares of the basic materials company’s stock valued at $330,000 after purchasing an additional 8,009 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.