Teck Resources Ltd (NYSE:TECK – Get Free Report) (TSE:TECK) was the target of a significant drop in short interest during the month of August. As of August 31st, there was short interest totaling 7,530,763 shares, a drop of 42.7% from the August 15th total of 13,136,384 shares. Based on an average daily volume of 3,108,390 shares, the days-to-cover ratio is presently 2.4 days. Approximately 1.6% of the company’s shares are short sold.
Teck Resources Stock Performance
Shares of Teck Resources stock opened at $65.26 on Friday. The firm has a market cap of $31.52 billion, a P/E ratio of 17.69, a P/E/G ratio of 1.99 and a beta of 0.94. The company has a current ratio of 3.12, a quick ratio of 2.33 and a debt-to-equity ratio of 0.12. Teck Resources has a 12 month low of $38.00 and a 12 month high of $72.56. The stock’s fifty day moving average price is $64.24 and its 200-day moving average price is $60.46.
Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last released its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.40. Teck Resources had a net margin of 17.85% and a return on equity of 10.42%. The company had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the firm earned $0.38 earnings per share. The firm’s revenue for the quarter was up 78.2% compared to the same quarter last year. On average, equities research analysts expect that Teck Resources will post 4.03 earnings per share for the current fiscal year.
Teck Resources Dividend Announcement
Analysts Set New Price Targets
A number of research analysts have recently commented on the stock. Veritas cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. boosted their price objective on shares of Teck Resources from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, July 28th. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Teck Resources from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Finally, Wall Street Zen downgraded shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 26th. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $62.25.
Check Out Our Latest Stock Report on TECK
Hedge Funds Weigh In On Teck Resources
Several institutional investors have recently bought and sold shares of TECK. Blue Trust Inc. raised its stake in shares of Teck Resources by 411.8% in the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 453 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in Teck Resources by 117.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock worth $29,000 after buying an additional 303 shares during the period. Oslo Pensjonsforsikring AS purchased a new position in Teck Resources during the 1st quarter worth approximately $83,000. Versant Capital Management Inc raised its position in Teck Resources by 86.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,587 shares of the basic materials company’s stock worth $94,000 after buying an additional 736 shares during the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. acquired a new stake in Teck Resources during the 4th quarter valued at approximately $151,000. 78.06% of the stock is owned by hedge funds and other institutional investors.
About Teck Resources
Teck Resources Limited is a Canadian mining and metals company focused primarily on the exploration, development and production of base metals. Its principal products include copper, zinc and lead, along with associated by-products such as molybdenum, silver and germanium. Copper is an increasingly important part of Teck’s business as the metal is used in electrical infrastructure, renewable energy systems, transportation and industrial applications.
Teck operates and develops mining assets in Canada, Chile and Peru.
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