Teck Resources Ltd (TECK) Short Interest Update
Teck Resources Ltd (NYSE:TECK) (TSE:TECK) saw a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 13,116,393 shares, a decline of 29.8% from the August 31st total of 18,676,391 shares. Based on an average trading volume of 7,938,476 shares, the short-interest ratio is presently 1.7 days. Approximately 2.3% of the shares of the stock are short sold.
A number of equities analysts have issued reports on the stock. MKM Partners restated a “buy” rating and set a $28.00 target price (up previously from $25.00) on shares of Teck Resources in a research report on Thursday, August 24th. ValuEngine downgraded shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a report on Wednesday, September 6th. Zacks Investment Research downgraded shares of Teck Resources from a “buy” rating to a “hold” rating in a report on Friday. Bank of America Corporation lifted their price target on shares of Teck Resources from $27.00 to $29.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Raymond James Financial, Inc. reiterated an “outperform” rating on shares of Teck Resources in a report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $31.18.
Large investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. acquired a new position in Teck Resources in the second quarter worth approximately $6,823,000. NN Investment Partners Holdings N.V. acquired a new position in Teck Resources in the second quarter worth approximately $623,000. Andra AP fonden acquired a new position in Teck Resources in the second quarter worth approximately $3,610,000. Great West Life Assurance Co. Can acquired a new position in Teck Resources in the second quarter worth approximately $57,911,000. Finally, Letko Brosseau & Associates Inc. acquired a new position in Teck Resources in the second quarter worth approximately $237,787,000. Hedge funds and other institutional investors own 46.80% of the company’s stock.
Shares of Teck Resources (NYSE:TECK) opened at 22.97 on Friday. Teck Resources has a 1-year low of $14.56 and a 1-year high of $26.60. The firm’s 50-day moving average is $22.98 and its 200 day moving average is $20.59. The stock has a market capitalization of $13.27 billion, a P/E ratio of 7.90 and a beta of 1.20.
Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.02. Teck Resources had a net margin of 17.93% and a return on equity of 13.01%. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.75 billion. Teck Resources’s revenue for the quarter was up 62.0% compared to the same quarter last year. On average, analysts expect that Teck Resources will post $3.52 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were issued a $0.0399 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.16 dividend on an annualized basis and a yield of 0.69%. Teck Resources’s dividend payout ratio is currently 3.01%.
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About Teck Resources
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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