Bank of Nova Scotia Boosts Stake in Teck Resources Ltd $TECK

Bank of Nova Scotia boosted its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 1.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,128,962 shares of the basic materials company’s stock after acquiring an additional 18,877 shares during the period. Bank of Nova Scotia owned 0.23% of Teck Resources worth $58,499,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Brown Brothers Harriman & Co. acquired a new position in shares of Teck Resources during the 4th quarter worth approximately $25,000. Blue Trust Inc. lifted its position 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 buying an additional 453 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in Teck Resources by 117.4% during the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock worth $29,000 after buying an additional 303 shares during the last quarter. Oslo Pensjonsforsikring AS purchased a new stake in Teck Resources in the 1st quarter valued at $83,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Teck Resources in the 4th quarter worth $103,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Trading Up 0.8%

Shares of NYSE:TECK opened at $60.30 on Friday. Teck Resources Ltd has a 52 week low of $30.98 and a 52 week high of $71.25. The company’s 50 day moving average is $61.46 and its two-hundred day moving average is $57.49. The company has a market cap of $29.12 billion, a PE ratio of 16.34, a P/E/G ratio of 1.77 and a beta of 0.92. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13.

Teck Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Teck Resources’s payout ratio is 9.76%.

Analyst Ratings Changes

TECK has been the topic of several recent research reports. Veritas cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 4th. TD Securities reiterated a “hold” rating on shares of Teck Resources in a report on Friday, April 24th. Scotiabank reissued a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. Deutsche Bank Aktiengesellschaft upped 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. Finally, Wall Street Zen upgraded Teck Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 18th. Five equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Teck Resources has a consensus rating of “Hold” and an average price target of $62.00.

Key Teck Resources News

Here are the key news stories impacting Teck Resources this week:

• Positive Sentiment: Teck’s Q2 earnings and revenue beat expectations, driven by stronger copper and zinc prices, higher sales volumes, and margin expansion. Teck Resources Q2 Earnings Beat Estimates, Sales & Margins Improve Y/Y
• Positive Sentiment: The company reported a sharp jump in quarterly profit on higher copper production and commodity prices, reinforcing optimism around Teck’s core metals business. Teck earns $854M Q2 profit, reports copper production up and higher commodity prices
• Positive Sentiment: Teck’s board declared a quarterly dividend of $0.125 per share, signaling continued cash generation and shareholder returns. Teck Announces Dividend
• Neutral Sentiment: Red Dog zinc output fell 18% in the quarter, though Teck said it is advancing a mine-life extension study and maintained full-year zinc guidance. Teck’s Red Dog Q2 Zinc Output Falls 18% as Mine-Life Extension PFS Advances
• Neutral Sentiment: Teck maintained its full-year zinc guidance despite the weaker Red Dog output, limiting concerns about near-term production disruption. Teck’s Q2 Zinc Gross Profit Rises to $353 Million; Full-Year Zinc Guidance Maintained

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.