Yaupon Capital Management LP Reduces Stake in Teck Resources Ltd $TECK

Key Points

• Yaupon Capital Management LP significantly reduced its stake in Teck Resources by selling 482,286 shares, resulting in a 59.4% decrease in holdings during the first quarter.
• Teck Resources declared a quarterly dividend of $0.0918 per share, which is an increase from the previous dividend of $0.09, with a yield of 1.0%.
• The company's stock is currently trading at $35.17, with a market capitalization of $16.89 billion and notable analyst activity including several price target adjustments.

Yaupon Capital Management LP lowered its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 59.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 329,595 shares of the basic materials company's stock after selling 482,286 shares during the quarter. Yaupon Capital Management LP owned approximately 0.07% of Teck Resources worth $12,007,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Caxton Associates LLP purchased a new position in Teck Resources during the first quarter valued at approximately $36,121,000. Sciencast Management LP purchased a new stake in Teck Resources during the first quarter worth $2,587,000. Jones Financial Companies Lllp boosted its position in Teck Resources by 453.0% during the 1st quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company's stock valued at $354,000 after acquiring an additional 7,963 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Teck Resources in the 1st quarter valued at $2,825,000. Finally, Temasek Holdings Private Ltd raised its position in shares of Teck Resources by 125.8% in the 1st quarter. Temasek Holdings Private Ltd now owns 2,479,555 shares of the basic materials company's stock worth $90,330,000 after acquiring an additional 1,381,355 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Stock Up 0.6%

Shares of TECK stock traded up $0.25 during trading hours on Friday, reaching $41.91. 6,614,480 shares of the company's stock were exchanged, compared to its average volume of 4,142,315. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year 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. The stock has a market cap of $20.13 billion, a PE ratio of 110.29, a PEG ratio of 0.60 and a beta of 0.78. The stock's fifty day moving average price is $34.99 and its two-hundred day moving average price is $36.51.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.20 by $0.07. The firm had revenue of $1.49 billion during the quarter, compared to analyst estimates of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. Teck Resources's revenue was up 12.3% on a year-over-year basis. During the same period last year, the firm posted $0.79 EPS. Research analysts predict that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on TECK shares. Benchmark dropped their price objective on Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, July 28th. Royal Bank Of Canada decreased 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. Deutsche Bank Aktiengesellschaft raised shares of Teck Resources from a "hold" rating to a "buy" rating and set a $42.00 price objective on the stock in a research report on Monday. Cibc World Mkts lowered shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Finally, B. Riley downgraded shares of Teck Resources from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. One equities research 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 company's stock. According to data from MarketBeat.com, Teck Resources currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.88.

Teck Resources Company Profile

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.