Teck Resources Sees Unusually High Options Volume (NYSE:TECK)

Posted by Defense World Staff on Apr 8th, 2023

Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) saw some unusual options trading on Thursday. Investors purchased 18,500 call options on the company. This is an increase of 143% compared to the typical volume of 7,625 call options.

Wall Street Analyst Weigh In

TECK has been the subject of a number of analyst reports. Citigroup boosted their price target on Teck Resources from C$45.00 to C$55.00 in a report on Wednesday, January 11th. Bank of America decreased their price target on Teck Resources from C$65.00 to C$62.00 in a report on Monday, April 3rd. Royal Bank of Canada boosted their price objective on Teck Resources from C$64.00 to C$72.00 in a research report on Wednesday, February 22nd. B. Riley upgraded Teck Resources from a “neutral” rating to a “buy” rating in a research report on Tuesday. Finally, National Bank Financial boosted their price objective on Teck Resources from C$65.00 to C$70.00 in a research report on Monday, February 13th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Teck Resources presently has an average rating of “Moderate Buy” and a consensus target price of $56.53.

Hedge Funds Weigh In On Teck Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Clarius Group LLC acquired a new position in Teck Resources during the third quarter worth $228,000. Advisors Asset Management Inc. boosted its stake in Teck Resources by 71.2% during the third quarter. Advisors Asset Management Inc. now owns 10,151 shares of the basic materials company’s stock worth $309,000 after buying an additional 4,220 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Teck Resources by 73.9% during the third quarter. Hsbc Holdings PLC now owns 250,309 shares of the basic materials company’s stock worth $7,712,000 after buying an additional 106,382 shares during the last quarter. Chemistry Wealth Management LLC boosted its stake in Teck Resources by 3.6% during the third quarter. Chemistry Wealth Management LLC now owns 15,586 shares of the basic materials company’s stock worth $474,000 after buying an additional 540 shares during the last quarter. Finally, Independent Advisor Alliance acquired a new position in shares of Teck Resources in the 3rd quarter valued at $200,000. Institutional investors and hedge funds own 56.15% of the company’s stock.

Teck Resources Stock Up 4.1 %

Shares of TECK opened at $43.97 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 1.41. Teck Resources has a one year low of $24.72 and a one year high of $46.90. The stock has a market capitalization of $22.27 billion, a price-to-earnings ratio of 9.20, a PEG ratio of 1.47 and a beta of 1.06. The stock has a 50 day moving average price of $39.87 and a 200 day moving average price of $37.00.

Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last issued its quarterly earnings results on Tuesday, February 21st. The basic materials company reported $0.79 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.17). Teck Resources had a return on equity of 18.76% and a net margin of 18.05%. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Equities research analysts forecast that Teck Resources will post 4.98 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th were paid a dividend of $0.094 per share. The ex-dividend date was Tuesday, March 14th. This represents a $0.38 dividend on an annualized basis and a yield of 0.86%. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is 7.74%.

Teck Resources Company Profile

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Teck Resources Limited is a resource company, which engages in the exploration, acquisition, development, production, and sale of natural resources, Its products include steelmaking coal, copper, zinc, industrial products and fertilizers, and other metals. Its project operations are located in Canada, Peru, Chile, and US.