Canoe Financial LP Has $159.55 Million Holdings in Teck Resources Ltd $TECK

Canoe Financial LP lessened its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 0.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,332,589 shares of the basic materials company’s stock after selling 16,147 shares during the quarter. Teck Resources comprises about 2.2% of Canoe Financial LP’s investment portfolio, making the stock its 15th biggest position. Canoe Financial LP owned about 0.69% of Teck Resources worth $159,552,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TECK. Versant Capital Management Inc acquired a new position in shares of Teck Resources during the 3rd quarter worth about $26,000. Smartleaf Asset Management LLC grew its holdings in Teck Resources by 72.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock valued at $37,000 after buying an additional 351 shares during the last quarter. SouthState Bank Corp bought a new position in Teck Resources in the 3rd quarter worth approximately $50,000. Mirae Asset Global Investments Co. Ltd. increased its position in Teck Resources by 43.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company’s stock worth $76,000 after buying an additional 524 shares during the period. Finally, Tobam lifted its holdings in shares of Teck Resources by 30.9% during the third quarter. Tobam now owns 2,011 shares of the basic materials company’s stock worth $88,000 after buying an additional 475 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Price Performance

NYSE:TECK opened at $48.55 on Friday. The company has a 50-day moving average of $54.42 and a 200-day moving average of $47.51. The company has a market capitalization of $23.37 billion, a price-to-earnings ratio of 24.04, a PEG ratio of 2.96 and a beta of 0.77. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $62.41. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.54.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, February 19th. The basic materials company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.59 by $0.39. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same quarter last year, the company earned $0.45 EPS. Teck Resources’s revenue was up 9.8% on a year-over-year basis. As a group, equities research analysts anticipate that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.50 annualized dividend and a dividend yield of 1.0%. Teck Resources’s dividend payout ratio is presently 18.32%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TECK. Veritas upgraded shares of Teck Resources from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, January 15th. Citigroup raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a report on Monday, February 2nd. Weiss Ratings restated a “hold (c)” rating on shares of Teck Resources in a research report on Wednesday, January 21st. Zacks Research upgraded shares of Teck Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, March 23rd. Finally, Truist Financial set a $67.00 price objective on shares of Teck Resources in a research report on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Teck Resources Profile

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.