Teck Resources Ltd (NYSE:TECK) Sees Significant Growth in Short Interest

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 13,955,380 shares, an increase of 85.3% from the August 31st total of 7,530,763 shares. Currently, 2.9% of the company’s shares are short sold. Based on an average daily volume of 3,130,326 shares, the short-interest ratio is presently 4.5 days.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft increased their price objective on Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Veritas downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. Raymond James Financial upgraded Teck Resources from a “market perform” rating to an “outperform” rating in a research report on Thursday, July 23rd. Scotiabank reissued a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. Finally, Wall Street Zen cut 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 company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $62.25.

Teck Resources Trading Up 1.5%

TECK traded up $1.00 during trading on Wednesday, reaching $65.86. 4,320,144 shares of the stock traded hands, compared to its average volume of 3,618,984. The company has a quick ratio of 2.33, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $31.81 billion, a PE ratio of 17.85, a P/E/G ratio of 2.00 and a beta of 0.94. The stock’s 50-day moving average is $65.84 and its 200 day moving average is $61.28. Teck Resources has a 12 month low of $38.00 and a 12 month high of $72.56.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results 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. The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.38 billion. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%.The business’s revenue was up 78.2% compared to the same quarter last year. During the same period last year, the business posted $0.38 EPS. Equities analysts anticipate that Teck Resources will post 4.07 earnings per share for the current year.

Teck Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were paid a dividend of C$0.12 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.50 annualized dividend and a yield of 0.8%. Teck Resources’s dividend payout ratio (DPR) is currently 9.76%.

Hedge Funds Weigh In On Teck Resources

A number of institutional investors and hedge funds have recently modified their holdings of TECK. Geneos Wealth Management Inc. increased its stake in shares of Teck Resources by 117.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 303 shares in the last quarter. Welch Group LLC boosted its stake in Teck Resources by 6.2% during the first quarter. Welch Group LLC now owns 6,266 shares of the basic materials company’s stock worth $324,000 after acquiring an additional 367 shares in the last quarter. Blue Trust Inc. boosted its stake in Teck Resources by 411.8% during the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 453 shares in the last quarter. Elevation Point Wealth Partners LLC grew its holdings in Teck Resources by 8.9% in the first quarter. Elevation Point Wealth Partners LLC now owns 5,720 shares of the basic materials company’s stock worth $296,000 after purchasing an additional 466 shares during the period. Finally, AMG National Trust Bank grew its holdings in Teck Resources by 13.1% in the first quarter. AMG National Trust Bank now owns 5,531 shares of the basic materials company’s stock worth $286,000 after purchasing an additional 640 shares during the period. 78.06% of the stock is currently owned by institutional investors.

About Teck Resources

Teck Resources Limited is a Canadian mining and metals company headquartered in Vancouver, British Columbia. The company focuses primarily on the exploration, development and production of copper and zinc, which are used in construction, infrastructure, manufacturing and the global energy transition.

Teck’s copper operations include the Highland Valley Copper mine in British Columbia, the Carmen de Andacollo mine in Chile and the Quebrada Blanca operation in northern Chile. Its zinc business includes the Red Dog mine in Alaska, one of the world’s significant zinc-producing operations.