Teck Resources (NYSE:TECK) Shares Gap Down – What’s Next?

Teck Resources Limited (NYSE:TECK) (TSE:TECK) 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 trading hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TECK. TD Securities upgraded Teck Resources to a “strong-buy” rating in a research note on Tuesday, July 16th. Eight Capital cut Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. 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 research note on Wednesday, October 2nd. Finally, Morgan Stanley lifted their target price on shares of Teck Resources from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, June 21st. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Teck Resources Price Performance

The stock has a market capitalization of $26.07 billion, a P/E ratio of 22.48 and a beta of 1.02. The company’s 50 day simple moving average is $48.04 and its two-hundred day simple moving average is $48.55. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The business had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same period in the prior year, the company earned $0.91 EPS. Teck Resources’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, equities analysts expect that Teck Resources Limited will post 2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TECK. Hexagon Capital Partners LLC increased its position in Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 386 shares in the last quarter. Headlands Technologies LLC bought a new position in Teck Resources in the 2nd quarter worth approximately $38,000. Creekmur Asset Management LLC acquired a new position in Teck Resources during the 4th quarter worth $35,000. Bruce G. Allen Investments LLC boosted its position in Teck Resources by 77.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after buying an additional 383 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of Teck Resources by 69.7% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after buying an additional 409 shares during the period. 78.06% of the stock is owned by institutional investors.

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.