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

Canoe Financial LP cut its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 0.5% during the fourth quarter, Holdings Channel reports. The fund owned 3,332,589 shares of the basic materials company’s stock after selling 16,147 shares during the period. Teck Resources makes up about 2.2% of Canoe Financial LP’s portfolio, making the stock its 15th biggest position. Canoe Financial LP’s holdings in Teck Resources were worth $159,552,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of TECK. AQR Capital Management LLC boosted its stake in Teck Resources by 11.1% in the first quarter. AQR Capital Management LLC now owns 34,705 shares of the basic materials company’s stock worth $1,264,000 after purchasing an additional 3,458 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Teck Resources by 453.0% in the first quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company’s stock valued at $354,000 after buying an additional 7,963 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Teck Resources by 1.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 465,861 shares of the basic materials company’s stock valued at $16,971,000 after buying an additional 8,146 shares during the last quarter. Franklin Resources Inc. lifted its position in Teck Resources by 6.9% during the 2nd quarter. Franklin Resources Inc. now owns 368,585 shares of the basic materials company’s stock worth $14,897,000 after buying an additional 23,842 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in Teck Resources by 0.4% during the 2nd quarter. American Century Companies Inc. now owns 843,257 shares of the basic materials company’s stock worth $34,067,000 after acquiring an additional 3,733 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Price Performance

Shares of TECK stock opened at $48.55 on Friday. The firm’s 50 day moving average price is $54.42 and its two-hundred day moving average price is $47.51. 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 Ltd has a 52-week low of $28.32 and a 52-week high of $62.41. The stock has a market cap of $23.37 billion, a PE ratio of 24.04, a PEG ratio of 2.96 and a beta of 0.77.

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

Teck Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.0%. Teck Resources’s payout ratio is 18.32%.

Analyst Ratings Changes

TECK has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a research note on Friday, December 5th. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research report on Tuesday, February 24th. TD Securities reaffirmed a “hold” rating on shares of Teck Resources in a report on Monday, February 23rd. UBS Group restated a “buy” rating on shares of Teck Resources in a research report on Tuesday, January 27th. Finally, Zacks Research upgraded Teck Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, March 23rd. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

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.