Regal Partners Ltd Raises Stock Position in Teck Resources Ltd $TECK

Key Points

• Regal Partners Ltd increased its stake in Teck Resources by 14.8% in Q3 to 3,481,836 shares (worth about $152.8 million), making TECK its second-largest holding and representing roughly 10.8% of Regal's portfolio while equal to ~0.72% of Teck.
• Teck beat EPS expectations with $0.98 per share (vs. $0.59 expected) and revenue was up 9.8% year-over-year despite a slight revenue miss; the company also announced a quarterly dividend of $0.125 per share (annualized $0.50, ~1.0% yield).
• Analyst coverage is mixed—market consensus is a "Hold" with an average target price of $58, based on one Strong Buy, seven Buy and twelve Hold ratings.

Regal Partners Ltd grew its stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 14.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,481,836 shares of the basic materials company's stock after acquiring an additional 448,081 shares during the period. Teck Resources accounts for approximately 10.8% of Regal Partners Ltd's holdings, making the stock its 2nd largest position. Regal Partners Ltd owned approximately 0.72% of Teck Resources worth $152,818,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Dynamic Technology Lab Private Ltd bought a new stake in Teck Resources during the third quarter worth about $440,000. Natixis Advisors LLC grew its stake in Teck Resources by 189.6% in the third quarter. Natixis Advisors LLC now owns 648,103 shares of the basic materials company's stock valued at $28,445,000 after purchasing an additional 424,341 shares in the last quarter. Ameriflex Group Inc. increased its position in shares of Teck Resources by 149.1% during the 3rd quarter. Ameriflex Group Inc. now owns 3,044 shares of the basic materials company's stock worth $134,000 after purchasing an additional 1,822 shares during the last quarter. First Trust Advisors LP acquired a new position in shares of Teck Resources during the 3rd quarter worth approximately $223,000. Finally, Guardian Capital LP raised its stake in shares of Teck Resources by 46.0% during the 3rd quarter. Guardian Capital LP now owns 925,851 shares of the basic materials company's stock worth $40,623,000 after purchasing an additional 291,749 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

Analysts Set New Price Targets

TECK has been the subject of several recent analyst reports. Raymond James Financial downgraded Teck Resources from an "outperform" rating to a "market perform" rating in a report on Wednesday, January 14th. TD Securities reaffirmed a "hold" rating on shares of Teck Resources in a research report on Monday, February 23rd. Citigroup upgraded shares of Teck Resources from a "neutral" rating to a "buy" rating in a research note on Monday, February 2nd. JPMorgan Chase & Co. lifted their price objective on shares of Teck Resources from $43.00 to $51.00 and gave the company a "neutral" rating in a research report on Friday, December 5th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $46.00 price objective on shares of Teck Resources in a research note on Wednesday, November 26th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $58.00.

Teck Resources Stock Performance

NYSE TECK opened at $50.51 on Friday. The firm has a 50-day moving average of $54.44 and a 200-day moving average of $45.85. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.54. The stock has a market cap of $24.32 billion, a PE ratio of 25.01, a P/E/G ratio of 3.08 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.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced 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. The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.28 billion. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. Teck Resources's revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 EPS. On average, sell-side analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, March 13th. Teck Resources's payout ratio is currently 17.82%.

Teck Resources Company 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.

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