Investors Purchase High Volume of Put Options on Teck Resources (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) was the target of unusually large options trading on Thursday. Stock traders acquired 14,855 put options on the stock. This is an increase of 101% compared to the average daily volume of 7,382 put options.

Institutional Trading of Teck Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Synergy Asset Management LLC grew its stake in shares of Teck Resources by 77.7% in the 4th quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock worth $685,000 after buying an additional 7,387 shares during the last quarter. Forest Avenue Capital Management LP lifted its position in Teck Resources by 3.7% in 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 acquiring an additional 25,430 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in Teck Resources in the 3rd quarter valued at approximately $1,937,000. Intech Investment Management LLC lifted its position in Teck Resources by 20.9% in the 3rd quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company’s stock valued at $5,132,000 after acquiring an additional 16,981 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its position in 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 acquiring an additional 165,759 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. UBS Group cut Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. National Bank Financial lowered Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. reduced their price objective on Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research report on Friday, October 25th. Finally, Raymond James reduced their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.38.

Teck Resources Stock Down 5.2 %

TECK stock opened at $41.12 on Friday. Teck Resources has a fifty-two week low of $37.30 and a fifty-two week high of $55.13. The business’s 50 day moving average price is $41.95 and its two-hundred day moving average price is $45.72. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The company has a market capitalization of $20.51 billion, a price-to-earnings ratio of 62.30 and a beta of 1.02.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. As a group, analysts forecast that Teck Resources will post 1.64 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.0879 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.35 annualized dividend and a dividend yield of 0.86%. Teck Resources’s payout ratio is currently 53.03%.

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.