Tortoise Capital Advisors L.L.C. Takes Position in Teck Resources Limited (NYSE:TECK)

Tortoise Capital Advisors L.L.C. purchased a new stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the 2nd quarter, Holdings Channel reports. The fund purchased 297,186 shares of the basic materials company’s stock, valued at approximately $14,235,000.

Several other hedge funds have also recently bought and sold shares of TECK. FIL Ltd increased its holdings in shares of Teck Resources by 98.8% in the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after purchasing an additional 5,933,226 shares during the period. Norges Bank acquired a new position in Teck Resources in the 4th quarter valued at approximately $172,740,000. AMF Tjanstepension AB lifted its position 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 in the last quarter. Asia Research & Capital Management Ltd acquired a new stake in shares of Teck Resources during the 1st quarter valued at $158,976,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Teck Resources by 115.4% during the 1st quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock valued at $260,584,000 after buying an additional 3,047,570 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TECK has been the subject of several recent research reports. Eight Capital lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 11th. Benchmark reaffirmed a “buy” rating and set a $55.00 price target on shares of Teck Resources in a research note on Thursday, July 25th. CIBC boosted their price target on Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research note on Friday, July 12th. BMO Capital Markets started coverage on shares of Teck Resources in a research report on Monday, July 15th. They set an “outperform” rating on the stock. Finally, Morgan Stanley lifted their target price on shares of Teck Resources from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, June 21st. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $65.00.

Teck Resources Trading Down 2.7 %

Shares of TECK stock opened at $43.49 on Friday. Teck Resources Limited has a 12 month low of $34.38 and a 12 month high of $55.13. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The business’s 50 day moving average is $47.45 and its two-hundred day moving average is $47.08. The company has a market cap of $22.25 billion, a PE ratio of 19.24 and a beta of 1.01.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.32. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. Teck Resources’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.91 EPS. Equities analysts predict that Teck Resources Limited will post 2.01 EPS for the current year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a $0.625 dividend. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 annualized dividend and a dividend yield of 5.75%. The ex-dividend date is Friday, September 13th. Teck Resources’s dividend payout ratio (DPR) is currently 16.37%.

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.