Teck Resources (NYSE:TECK) Shares Gap Down – Should You 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on TECK shares. UBS Group restated a “buy” rating on shares of Teck Resources in a research note on Tuesday, January 27th. Truist Financial set a $67.00 price objective on shares of Teck Resources in a research report on Monday, February 23rd. National Bank Financial cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a research note on Tuesday, February 24th. Finally, Benchmark increased their price target on shares of Teck Resources from $48.00 to $67.00 and gave the company a “buy” rating in a report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, Teck Resources has a consensus rating of “Hold” and an average target price of $58.00.

Teck Resources Stock Down 4.5%

The stock’s fifty day simple moving average is $54.39 and its 200-day simple moving average is $45.62. The stock has a market cap of $24.58 billion, a P/E ratio of 25.28, a P/E/G ratio of 3.38 and a beta of 0.77. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.54.

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

Teck Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.125 per share. 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 dividend payout ratio is 17.82%.

Institutional Investors Weigh In On Teck Resources

Several institutional investors and hedge funds have recently bought and sold shares of the company. Brown Brothers Harriman & Co. acquired a new position in shares of Teck Resources in the 4th quarter valued at approximately $25,000. Versant Capital Management Inc acquired a new position in Teck Resources during the third quarter valued at approximately $26,000. Smartleaf Asset Management LLC lifted its stake in Teck Resources by 72.4% during the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 351 shares during the last quarter. SouthState Bank Corp bought a new stake in Teck Resources during the third quarter worth $50,000. Finally, Tobam acquired a new stake in shares of Teck Resources in the 2nd quarter valued at $62,000. 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.