Teck Resources Ltd (NYSE:TECK) (TSE:TECK) was the recipient of a large decline in short interest in the month of May. As of May 31st, there was short interest totalling 18,491,119 shares, a decline of 14.2% from the May 15th total of 21,553,389 shares. Based on an average daily trading volume, of 3,835,680 shares, the days-to-cover ratio is currently 4.8 days. Approximately 3.3% of the shares of the company are short sold.
Several brokerages have issued reports on TECK. Clarkson Capital reissued a “buy” rating on shares of Teck Resources in a report on Friday, May 19th. Bank of America Corporation lowered shares of Teck Resources from a “buy” rating to a “neutral” rating and lowered their price target for the company from $27.00 to $19.00 in a report on Friday, June 9th. Credit Suisse Group reissued an “outperform” rating on shares of Teck Resources in a report on Tuesday, April 18th. Royal Bank Of Canada reissued an “outperform” rating and issued a $38.00 price target (down previously from $39.00) on shares of Teck Resources in a report on Friday, June 16th. Finally, Deutsche Bank AG raised shares of Teck Resources from a “hold” rating to a “buy” rating and boosted their price target for the company from $24.00 to $25.00 in a report on Tuesday, March 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty have given a buy rating to the company’s stock. Teck Resources presently has a consensus rating of “Buy” and an average target price of $26.00.
Teck Resources (NYSE:TECK) opened at 15.88 on Friday. The company’s 50-day moving average is $17.97 and its 200 day moving average is $21.15. Teck Resources has a 12 month low of $11.04 and a 12 month high of $26.60. The firm has a market cap of $9.17 billion, a P/E ratio of 8.14 and a beta of 1.22.
Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Tuesday, April 25th. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.04 by $0.16. Teck Resources had a net margin of 14.37% and a return on equity of 10.02%. The business had revenue of $2.89 billion during the quarter, compared to the consensus estimate of $3.05 billion. The company’s revenue was up 70.4% compared to the same quarter last year. Equities research analysts expect that Teck Resources will post $3.20 EPS for the current fiscal year.
The firm also recently announced a semiannual dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be given a $0.0741 dividend. This represents a yield of 0.72%. The ex-dividend date is Tuesday, June 13th. This is a boost from Teck Resources’s previous semiannual dividend of $0.04. Teck Resources’s payout ratio is currently 7.69%.
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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