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

Teck Resources Ltd (NYSE:TECK) (TSE:TECK)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $59.62, but opened at $56.71. Teck Resources shares last traded at $56.8770, with a volume of 1,515,247 shares changing hands.

Analyst Upgrades and Downgrades

TECK has been the topic of a number of analyst reports. Wall Street Zen raised shares of Teck Resources to a “buy” rating in a research note on Saturday, May 16th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Teck Resources in a research note on Friday, May 15th. JPMorgan Chase & Co. increased their price target on shares of Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Weiss Ratings upgraded shares of Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, April 24th. Finally, TD Securities reaffirmed a “hold” rating on shares of Teck Resources in a report on Friday, April 24th. Five research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $59.17.

Teck Resources Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.16 and a current ratio of 2.83. The stock has a market capitalization of $27.85 billion, a PE ratio of 21.13, a price-to-earnings-growth ratio of 3.80 and a beta of 0.89. The stock’s 50 day moving average is $62.40 and its two-hundred day moving average is $55.50.

Teck Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.9%. Teck Resources’s payout ratio is currently 13.19%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TECK. Brown Brothers Harriman & Co. acquired a new stake in Teck Resources during the 4th quarter worth $25,000. Blue Trust Inc. raised its position in shares of Teck Resources by 411.8% in the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock valued at $29,000 after buying an additional 453 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Teck Resources by 117.4% in the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock valued at $29,000 after buying an additional 303 shares during the last quarter. Oslo Pensjonsforsikring AS purchased a new position in shares of Teck Resources in the first quarter worth about $83,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Teck Resources by 82.8% in the third quarter. EverSource Wealth Advisors LLC now owns 2,217 shares of the basic materials company’s stock worth $97,000 after buying an additional 1,004 shares in the last quarter. 78.06% of the stock is 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.