Traders Buy High Volume of Teck Resources Call Options (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) was the target of some unusual options trading activity on Monday. Stock traders acquired 9,497 call options on the company. This is an increase of approximately 54% compared to the average daily volume of 6,185 call options.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Morgan Stanley upped their price objective on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, June 21st. BMO Capital Markets started coverage on shares of Teck Resources in a research report on Monday, July 15th. They set an “outperform” rating for the company. Paradigm Capital upgraded shares of Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. CIBC increased their price target on shares of Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a report on Friday, July 12th. Finally, Eight Capital downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $62.40.

Teck Resources Trading Up 0.9 %

TECK stock traded up $0.42 during midday trading on Monday, hitting $49.31. The stock had a trading volume of 443,631 shares, compared to its average volume of 3,524,007. The company has a current ratio of 1.48, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. The business has a fifty day moving average price of $47.68 and a two-hundred day moving average price of $46.60. Teck Resources has a 1-year low of $34.38 and a 1-year high of $55.13. The firm has a market cap of $25.19 billion, a P/E ratio of 21.63 and a beta of 1.05.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. The company had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The firm’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.91 EPS. On average, sell-side analysts predict that Teck Resources will post 1.97 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a $0.625 dividend. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 dividend on an annualized basis and a yield of 5.07%. The ex-dividend date is Friday, September 13th. Teck Resources’s dividend payout ratio is presently 15.93%.

Institutional Trading of Teck Resources

A number of institutional investors and hedge funds have recently modified their holdings of TECK. Cetera Investment Advisers lifted its stake in Teck Resources by 3.0% in the second quarter. Cetera Investment Advisers now owns 38,099 shares of the basic materials company’s stock valued at $1,825,000 after purchasing an additional 1,127 shares during the last quarter. Creative Planning increased its holdings in Teck Resources by 4.4% in the 2nd quarter. Creative Planning now owns 37,821 shares of the basic materials company’s stock worth $1,812,000 after acquiring an additional 1,605 shares during the last quarter. SkyView Investment Advisors LLC lifted its holdings in Teck Resources by 13.4% during the second quarter. SkyView Investment Advisors LLC now owns 14,283 shares of the basic materials company’s stock valued at $684,000 after purchasing an additional 1,691 shares during the last quarter. Susquehanna Fundamental Investments LLC boosted its position in Teck Resources by 1,487.7% during the second quarter. Susquehanna Fundamental Investments LLC now owns 168,300 shares of the basic materials company’s stock worth $8,062,000 after purchasing an additional 157,700 shares during the period. Finally, Lighthouse Investment Partners LLC purchased a new position in shares of Teck Resources in the second quarter worth about $3,316,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

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.