Canoe Financial LP Purchases New Holdings in Teck Resources Ltd $TECK

Key Points

• Canoe Financial LP invested approximately $97.54 million in Teck Resources Ltd, purchasing over 2.4 million shares of the company during the second quarter.
• Teck Resources recently declared a quarterly dividend of $0.0918, representing a yield of 0.9%, an increase from its previous dividend of $0.09.
• Multiple analysts have revised their ratings on Teck Resources, with CIBC downgrading it to "neutral" while Royal Bank of Canada lowered its price target from $82.00 to $67.00.

Canoe Financial LP acquired a new position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,410,034 shares of the basic materials company's stock, valued at approximately $97,536,000. Canoe Financial LP owned approximately 0.50% of Teck Resources at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC acquired a new position in Teck Resources during the 2nd quarter valued at about $245,000. MassMutual Private Wealth & Trust FSB lifted its stake in Teck Resources by 102.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the basic materials company's stock valued at $53,000 after purchasing an additional 668 shares during the last quarter. Douglas Lane & Associates LLC lifted its stake in Teck Resources by 5.5% in the second quarter. Douglas Lane & Associates LLC now owns 1,037,976 shares of the basic materials company's stock valued at $41,913,000 after purchasing an additional 54,561 shares during the last quarter. Impala Asset Management LLC bought a new stake in Teck Resources during the 1st quarter valued at $15,811,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Teck Resources by 1.8% during the 1st 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 acquiring an additional 8,146 shares during the period. 78.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TECK has been the subject of several research reports. Benchmark cut their target price on shares of Teck Resources from $55.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, July 28th. Wall Street Zen upgraded shares of Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $41.00 target price (down from $46.00) on shares of Teck Resources in a research report on Friday, July 25th. Royal Bank Of Canada cut their price target on shares of Teck Resources from $82.00 to $67.00 and set an "outperform" rating for the company in a research report on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Teck Resources from a "hold" rating to a "buy" rating and set a $42.00 target price for the company in a report on Monday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $56.88.

Teck Resources Stock Performance

TECK stock traded down $0.25 on Friday, hitting $39.19. The company had a trading volume of 4,048,855 shares, compared to its average volume of 7,405,480. The stock's 50-day simple moving average is $35.11 and its 200 day simple moving average is $36.48. The stock has a market cap of $18.83 billion, a price-to-earnings ratio of 103.13, a P/E/G ratio of 0.58 and a beta of 0.78. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $54.13. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.07. The business had revenue of $1.49 billion for the quarter, compared to analysts' expectations of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The company's revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.79 EPS. As a group, equities research analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.0918 per share. The ex-dividend date is Monday, September 15th. This represents a $0.37 annualized dividend and a dividend yield of 0.9%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio is 94.74%.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.