Teck Resources (NYSE:TECK) Shares Gap Down - Here's Why

Teck Resources Limited (NYSE:TECK - Get Free Report) TSE: TECK's stock price gapped down before the market opened on Thursday . The stock had previously closed at $49.55, but opened at $46.36. Teck Resources shares last traded at $46.76, with a volume of 2,545,527 shares trading hands.

Analysts Set New Price Targets

A number of research firms recently issued reports on TECK. Citigroup raised Teck Resources to a "hold" rating in a research note on Wednesday, October 2nd. Scotiabank raised their price objective on shares of Teck Resources from $78.00 to $79.00 and gave the stock a "sector outperform" rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. upped their target price on shares of Teck Resources from $54.00 to $57.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 15th. CIBC increased their target price on Teck Resources from $70.00 to $80.00 and gave the stock an "outperformer" rating in a report on Friday, July 12th. Finally, Paradigm Capital upgraded Teck Resources to a "moderate buy" rating in a report on Friday, July 26th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $67.43.

Teck Resources Stock Down 5.5 %

The firm has a fifty day moving average of $48.80 and a 200-day moving average of $48.74. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The firm has a market cap of $23.70 billion, a P/E ratio of 22.73 and a beta of 1.02.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (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 company had revenue of $3.87 billion for the quarter, compared to analysts' expectations of $2.67 billion. During the same quarter in the prior year, the business posted $0.91 EPS. The business's revenue was up 10.1% compared to the same quarter last year. On average, equities research analysts anticipate that Teck Resources Limited will post 1.93 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TECK. Vanguard Group Inc. raised its stake in Teck Resources by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company's stock valued at $765,493,000 after acquiring an additional 290,034 shares during the period. Janus Henderson Group PLC raised its position in shares of Teck Resources by 2.4% in the first quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company's stock valued at $394,178,000 after purchasing an additional 203,607 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Teck Resources by 1.4% during the 2nd quarter. CIBC Asset Management Inc now owns 6,330,121 shares of the basic materials company's stock worth $303,161,000 after buying an additional 90,089 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Teck Resources by 7.3% during the 2nd quarter. Principal Financial Group Inc. now owns 6,103,740 shares of the basic materials company's stock worth $292,441,000 after buying an additional 416,070 shares during the period. Finally, Mackenzie Financial Corp grew its stake in Teck Resources by 10.3% in the 2nd quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company's stock valued at $280,655,000 after buying an additional 546,801 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.