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

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

Analyst Ratings Changes

Several brokerages have recently commented on TECK. Scotiabank boosted their target price on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. cut their target price on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Six investment 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 company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Trading Up 0.8 %

Shares of TECK stock traded up $0.33 on Monday, reaching $41.27. 914,356 shares of the stock were exchanged, compared to its average volume of 3,307,073. The stock has a 50 day moving average price of $46.67 and a 200 day moving average price of $47.58. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The stock has a market cap of $21.14 billion, a PE ratio of 62.53 and a beta of 1.03. 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 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 company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The company’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 EPS. Equities research analysts forecast that Teck Resources will post 1.81 EPS for the current fiscal year.

Teck Resources Cuts Dividend

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in TECK. Daymark Wealth Partners LLC grew its holdings in Teck Resources by 2.8% during the third quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock valued at $458,000 after purchasing an additional 242 shares during the period. Candriam S.C.A. lifted its holdings in Teck Resources by 4.0% during the second quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock worth $426,000 after acquiring an additional 343 shares in the last quarter. Evergreen Capital Management LLC grew its stake in Teck Resources by 7.8% in the second quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock valued at $243,000 after acquiring an additional 365 shares during the period. Bruce G. Allen Investments LLC increased its holdings in shares of Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after acquiring an additional 383 shares in the last quarter. Finally, WR Wealth Planners LLC raised its position in shares of Teck Resources by 17.4% during the second quarter. WR Wealth Planners LLC now owns 2,700 shares of the basic materials company’s stock worth $129,000 after purchasing an additional 400 shares during the period. 78.06% of the stock is currently owned by institutional investors.

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.