Short Interest in Teck Resources Limited (NYSE:TECK) Rises By 17.0%

Teck Resources Limited (NYSE:TECK) (TSE:TECK) was the recipient of a large growth in short interest during the month of January. As of January 31st, there was short interest totalling 7,990,000 shares, a growth of 17.0% from the January 15th total of 6,830,000 shares. Based on an average daily trading volume, of 2,690,000 shares, the short-interest ratio is presently 3.0 days. Currently, 1.6% of the company’s shares are sold short.

Analysts Set New Price Targets

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

Teck Resources Price Performance

Shares of NYSE TECK traded down $0.74 during midday trading on Monday, reaching $43.12. The company’s stock had a trading volume of 2,432,855 shares, compared to its average volume of 2,856,734. The company has a market cap of $21.51 billion, a P/E ratio of 65.34 and a beta of 1.02. Teck Resources has a fifty-two week low of $37.30 and a fifty-two week high of $55.13. 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 business’s 50 day moving average price is $42.23 and its two-hundred day moving average price is $45.82.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Teck Resources during the fourth quarter worth $470,101,000. Swedbank AB acquired a new position in Teck Resources in the 4th quarter worth about $103,878,000. Arrowstreet Capital Limited Partnership bought a new position in Teck Resources in the fourth quarter valued at about $65,197,000. FMR LLC boosted its stake in shares of Teck Resources by 72.8% during the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock valued at $189,848,000 after purchasing an additional 1,531,563 shares in the last quarter. Finally, AMF Tjanstepension AB grew its holdings in shares of Teck Resources by 32.2% during the fourth quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock worth $244,252,000 after purchasing an additional 1,467,516 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.