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

Teck Resources Limited (NYSE:TECK) (TSE:TECK) was the target of unusually large options trading activity on Friday. Stock investors acquired 11,967 call options on the stock. This represents an increase of approximately 83% compared to the average daily volume of 6,549 call options.

Institutional Investors Weigh In On Teck Resources

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in Teck Resources by 1.8% during the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock worth $765,493,000 after buying an additional 290,034 shares in the last quarter. Country Club Bank purchased a new position in Teck Resources in the 2nd quarter worth approximately $1,747,000. Atria Investments Inc bought a new position in shares of Teck Resources in the 1st quarter worth $1,141,000. Klein Pavlis & Peasley Financial Inc. raised its position in shares of Teck Resources by 233.3% during the 2nd quarter. Klein Pavlis & Peasley Financial Inc. now owns 28,000 shares of the basic materials company’s stock valued at $1,341,000 after buying an additional 19,600 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of Teck Resources by 414.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 621,556 shares of the basic materials company’s stock worth $27,118,000 after acquiring an additional 500,715 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $46.81 on Friday. The company has a market capitalization of $23.55 billion, a P/E ratio of 70.74 and a beta of 1.04. 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 fifty-two week low of $35.25 and a fifty-two week high of $55.13. The company’s 50-day moving average is $48.89 and its 200 day moving average is $48.60.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The firm had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter in the prior year, the firm earned $0.57 EPS. The business’s revenue for the quarter was down 20.6% compared to the same quarter last year. On average, equities research analysts forecast that Teck Resources will post 1.86 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.0895 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.36 annualized dividend and a yield of 0.76%. Teck Resources’s dividend payout ratio is currently 56.06%.

Analyst Ratings Changes

Several brokerages recently issued reports on TECK. JPMorgan Chase & Co. decreased their price target on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Scotiabank raised their price objective on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. Citigroup upgraded Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a report on Friday, October 25th. Finally, UBS Group downgraded shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Five analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.29.

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.