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

Teck Resources Limited (NYSE:TECK) (TSE:TECK) saw some unusual options trading on Monday. Stock investors purchased 21,648 call options on the stock. This represents an increase of 222% compared to the typical daily volume of 6,728 call options.

Institutional Investors Weigh In On Teck Resources

Several institutional investors have recently made changes to their positions in TECK. Klein Pavlis & Peasley Financial Inc. lifted its stake in Teck Resources by 233.3% in the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 28,000 shares of the basic materials company’s stock valued at $1,341,000 after acquiring an additional 19,600 shares during the last quarter. Forest Avenue Capital Management LP raised its holdings in shares of Teck Resources by 3.7% during the 3rd quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company’s stock valued at $37,661,000 after purchasing an additional 25,430 shares in the last quarter. CIBC Asset Management Inc lifted 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 purchasing an additional 165,759 shares during the last quarter. Intech Investment Management LLC boosted its stake in shares of Teck Resources by 20.9% during the 3rd quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company’s stock worth $5,132,000 after acquiring an additional 16,981 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Teck Resources in the 3rd quarter valued at approximately $1,937,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Price Performance

Shares of TECK opened at $41.18 on Wednesday. The business’s 50-day moving average is $46.31 and its 200-day moving average is $47.46. Teck Resources has a fifty-two week low of $36.50 and a fifty-two week high of $55.13. The company has a market capitalization of $21.10 billion, a price-to-earnings ratio of 62.39 and a beta of 1.03. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

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

Teck Resources Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Citigroup raised shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Scotiabank increased their price objective on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. reduced their price objective on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Six research 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, Teck Resources presently has an average rating of “Moderate Buy” and an average price target of $65.29.

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.