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

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) gapped up before the market opened 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 Analysts Forecast Growth

Several equities analysts recently weighed in on TECK shares. Citigroup reaffirmed a “neutral” rating on shares of Teck Resources in a research report on Thursday, January 15th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $46.00 price objective on shares of Teck Resources in a research note on Wednesday, November 26th. Raymond James Financial cut Teck Resources from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. TD Securities downgraded Teck Resources from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Natl Bk Canada lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $53.33.

Teck Resources Stock Up 3.9%

The stock’s fifty day moving average is $45.88 and its two-hundred day moving average is $40.99. The company has a market capitalization of $25.61 billion, a PE ratio of 29.91, a P/E/G ratio of 0.57 and a beta of 0.79. The company has a current ratio of 2.78, a quick ratio of 2.08 and a debt-to-equity ratio of 0.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.16. The company had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Teck Resources had a net margin of 11.93% and a return on equity of 4.14%. Teck Resources’s revenue was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.60 EPS. As a group, analysts predict that Teck Resources Ltd will post 1.53 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc purchased a new stake in shares of Teck Resources in the third quarter worth about $26,000. Smartleaf Asset Management LLC increased its holdings in Teck Resources by 72.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 351 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Teck Resources during the 2nd quarter worth approximately $49,000. SouthState Bank Corp purchased a new stake in Teck Resources in the 3rd quarter worth approximately $50,000. Finally, Tobam bought a new position in Teck Resources in the 2nd quarter valued at $62,000. Hedge funds and other institutional investors 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.