Canoe Financial LP Grows Position in Teck Resources Ltd $TECK

Canoe Financial LP boosted its position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 38.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,348,736 shares of the basic materials company’s stock after purchasing an additional 938,702 shares during the period. Teck Resources comprises 2.1% of Canoe Financial LP’s holdings, making the stock its 18th biggest holding. Canoe Financial LP owned approximately 0.70% of Teck Resources worth $146,870,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Teck Resources during the second quarter valued at approximately $437,657,000. 1832 Asset Management L.P. boosted its holdings in Teck Resources by 1,555.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 5,738,457 shares of the basic materials company’s stock valued at $231,719,000 after acquiring an additional 5,391,907 shares during the period. Picton Mahoney Asset Management bought a new position in Teck Resources in the 2nd quarter valued at $83,322,000. Mackenzie Financial Corp increased its stake in Teck Resources by 32.7% in the second quarter. Mackenzie Financial Corp now owns 7,989,715 shares of the basic materials company’s stock worth $323,311,000 after purchasing an additional 1,969,286 shares during the period. Finally, Holocene Advisors LP lifted its position in shares of Teck Resources by 254.4% during the second quarter. Holocene Advisors LP now owns 2,515,499 shares of the basic materials company’s stock worth $101,576,000 after purchasing an additional 1,805,675 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Down 1.2%

NYSE:TECK opened at $46.19 on Friday. The firm has a 50-day simple moving average of $42.96 and a 200-day simple moving average of $39.53. Teck Resources Ltd has a one year low of $28.32 and a one year high of $47.06. The firm has a market cap of $22.20 billion, a P/E ratio of 25.95, a P/E/G ratio of 0.67 and a beta of 0.83. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.08 and a current ratio of 2.78.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.16. The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.93 billion. Teck Resources had a net margin of 11.93% and a return on equity of 4.14%. Teck Resources’s revenue was up 18.4% compared to the same quarter last year. During the same period last year, the company posted $0.60 earnings per share. Equities analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is presently 20.22%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TECK shares. Veritas cut shares of Teck Resources from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research note on Tuesday, November 25th. JPMorgan Chase & Co. raised their target price on shares of Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a research report on Friday, December 5th. UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating in a report on Wednesday, September 3rd. Finally, Citigroup reissued a “neutral” rating on shares of Teck Resources in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $55.71.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.