Teck Resources Target of Unusually High Options Trading (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) was the target of some unusual options trading on Monday. Traders purchased 21,648 call options on the stock. This is an increase of 222% compared to the average volume of 6,728 call options.

Institutional Investors Weigh In On Teck Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. TD Asset Management Inc increased its holdings in shares of Teck Resources by 49.0% during the 2nd quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock worth $237,202,000 after purchasing an additional 1,629,149 shares during the period. FMR LLC raised its holdings in Teck Resources by 72.8% in the 3rd quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock valued at $189,848,000 after acquiring an additional 1,531,563 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of Teck Resources during the 3rd quarter worth approximately $70,549,000. Principal Financial Group Inc. grew its holdings in shares of Teck Resources by 21.7% during the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after purchasing an additional 1,326,241 shares in the last quarter. Finally, National Bank of Canada FI raised its stake in shares of Teck Resources by 48.4% in the second quarter. National Bank of Canada FI now owns 3,934,663 shares of the basic materials company’s stock valued at $188,111,000 after purchasing an additional 1,283,876 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TECK. National Bank Financial downgraded shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. JPMorgan Chase & Co. cut their price target on Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. UBS Group lowered Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Scotiabank lifted their target price on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target for the company. in a research note on Friday, October 25th. Six analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources Stock Up 0.8 %

TECK stock traded up $0.33 during midday trading on Monday, reaching $41.27. The company had a trading volume of 914,356 shares, compared to its average volume of 3,307,073. The company has a 50 day moving average of $46.67 and a two-hundred day moving average of $47.58. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources has a 1 year low of $36.50 and a 1 year high of $55.13. The company has a market capitalization of $21.14 billion, a P/E ratio of 62.53 and a beta of 1.03.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.24. The business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The firm’s revenue was down 20.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.57 EPS. On average, equities research analysts expect that Teck Resources will post 1.81 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.0895 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a yield of 0.87%. Teck Resources’s payout ratio is presently 56.06%.

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.