Teck Resources Limited (NYSE:TECK) Shares Purchased by Sagefield Capital LP

Sagefield Capital LP boosted its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 269.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 245,451 shares of the basic materials company’s stock after buying an additional 178,999 shares during the period. Teck Resources accounts for approximately 1.2% of Sagefield Capital LP’s holdings, making the stock its 22nd largest holding. Sagefield Capital LP’s holdings in Teck Resources were worth $11,757,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in TECK. FIL Ltd boosted its stake in Teck Resources by 98.8% in the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after buying an additional 5,933,226 shares during the last quarter. AMF Tjanstepension AB boosted its stake in Teck Resources by 846.6% in the 2nd quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock worth $210,034,000 after buying an additional 3,919,984 shares during the last quarter. Asia Research & Capital Management Ltd acquired a new stake in Teck Resources in the 1st quarter worth about $158,976,000. Principal Financial Group Inc. boosted its stake in Teck Resources by 115.4% in the 1st quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock worth $260,584,000 after buying an additional 3,047,570 shares during the last quarter. Finally, Castle Hook Partners LP acquired a new stake in Teck Resources in the 1st quarter worth about $90,980,000. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Stock Performance

Shares of NYSE:TECK opened at $49.09 on Tuesday. The company has a market cap of $25.08 billion, a P/E ratio of 21.72 and a beta of 1.01. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. Teck Resources Limited has a one year low of $34.38 and a one year high of $55.13. The business’s 50-day simple moving average is $46.83 and its 200 day simple moving average is $47.81.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.47 by $0.32. The business had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The company’s revenue was up 10.1% on a year-over-year basis. During the same period last year, the business posted $0.91 EPS. On average, sell-side analysts forecast that Teck Resources Limited will post 2.02 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.625 per share. The ex-dividend date is Friday, September 13th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 annualized dividend and a yield of 5.09%. Teck Resources’s payout ratio is currently 16.37%.

Analyst Ratings Changes

Several research firms have recently weighed in on TECK. UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $76.00 to $78.00 in a research note on Wednesday, September 4th. Morgan Stanley lifted their price objective on Teck Resources from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, June 21st. Benchmark reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Teck Resources in a research note on Thursday, July 25th. Paradigm Capital raised Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Finally, StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, September 17th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.00.

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.