Canoe Financial LP Purchases 938,702 Shares of Teck Resources Ltd $TECK

Canoe Financial LP grew its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 38.9% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,348,736 shares of the basic materials company’s stock after buying an additional 938,702 shares during the period. Teck Resources accounts for about 2.1% of Canoe Financial LP’s portfolio, making the stock its 18th largest position. Canoe Financial LP’s holdings in Teck Resources were worth $146,870,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Smartleaf Asset Management LLC raised its stake in shares of Teck Resources by 69.2% during the 1st quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 350 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Teck Resources in the second quarter worth $49,000. MassMutual Private Wealth & Trust FSB increased its position in shares of Teck Resources by 102.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 668 shares in the last quarter. Tobam purchased a new stake in shares of Teck Resources during the 2nd quarter valued at $62,000. Finally, Allworth Financial LP boosted its position in shares of Teck Resources by 38.7% in the 2nd quarter. Allworth Financial LP now owns 3,263 shares of the basic materials company’s stock worth $132,000 after purchasing an additional 910 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Down 1.2%

Teck Resources stock opened at $46.19 on Friday. The company has a quick ratio of 2.08, a current ratio of 2.78 and a debt-to-equity ratio of 0.15. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $47.06. The company has a market capitalization of $22.20 billion, a price-to-earnings ratio of 25.95, a price-to-earnings-growth ratio of 0.67 and a beta of 0.83. The stock has a 50-day moving average price of $42.96 and a 200 day moving average price of $39.53.

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

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a $0.125 dividend. The ex-dividend date is Monday, December 15th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.1%. Teck Resources’s dividend payout ratio (DPR) is currently 20.22%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on TECK shares. Benchmark reaffirmed a “buy” rating on shares of Teck Resources in a research report on Thursday, October 23rd. Weiss Ratings upgraded Teck Resources from a “sell (d+)” rating to a “hold (c)” rating in a research note on Friday, October 24th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Teck Resources in a research report on Wednesday, November 26th. Veritas downgraded shares of Teck Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Finally, Raymond James Financial restated an “outperform” rating on shares of Teck Resources in a research note on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock 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.