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

Teck Resources Limited (NYSE:TECK) (TSE:TECK) saw unusually large options trading on Monday. Traders bought 21,648 call options on the company. This represents an increase of 222% compared to the average volume of 6,728 call options.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TECK. Principal Financial Group Inc. lifted its stake in Teck Resources by 21.7% in the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after acquiring an additional 1,326,241 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Teck Resources by 2.6% in the 3rd quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock valued at $341,337,000 after buying an additional 165,759 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Teck Resources by 10.3% during the 2nd quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock worth $280,655,000 after acquiring an additional 546,801 shares during the period. TD Asset Management Inc raised its holdings in shares of Teck Resources by 49.0% in 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 buying an additional 1,629,149 shares in the last quarter. Finally, Cibc World Market Inc. lifted its holdings in shares of Teck Resources by 26.1% during the second quarter. Cibc World Market Inc. now owns 4,779,715 shares of the basic materials company’s stock valued at $228,948,000 after acquiring an additional 989,612 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

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

Teck Resources Stock Performance

Shares of TECK stock opened at $41.25 on Tuesday. The stock has a market capitalization of $21.13 billion, a price-to-earnings ratio of 62.50 and a beta of 1.03. The company’s 50-day simple moving average is $46.48 and its 200-day simple moving average is $47.51. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. Teck Resources has a one year low of $36.50 and a one year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same period in the previous year, the firm posted $0.57 earnings per share. The business’s revenue was down 20.6% on a year-over-year basis. Equities analysts anticipate 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. Shareholders of record on Friday, December 13th will be issued a $0.0895 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.87%. The ex-dividend date is Friday, December 13th. Teck Resources’s payout ratio is 56.06%.

About Teck Resources

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.