Tortoise Capital Advisors L.L.C. Purchases New Shares in Teck Resources Limited (NYSE:TECK)

Tortoise Capital Advisors L.L.C. purchased a new position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 297,186 shares of the basic materials company’s stock, valued at approximately $14,235,000. Tortoise Capital Advisors L.L.C. owned 0.06% of Teck Resources at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in TECK. Vanguard Group Inc. increased its position in shares of Teck Resources by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock worth $765,493,000 after purchasing an additional 290,034 shares during the last quarter. 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 acquiring an additional 5,933,226 shares during the last quarter. Boston Partners raised its position in shares of Teck Resources by 28.8% during the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock valued at $484,995,000 after acquiring an additional 2,432,378 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Teck Resources by 2.4% in the first quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock worth $394,178,000 after purchasing an additional 203,607 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in shares of Teck Resources by 2.8% in the 4th quarter. CIBC Asset Management Inc now owns 6,388,652 shares of the basic materials company’s stock valued at $270,918,000 after buying an additional 174,492 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Stock Performance

Shares of NYSE TECK opened at $43.49 on Friday. The stock’s fifty day simple moving average is $47.45 and its 200 day simple moving average is $47.08. The stock has a market capitalization of $22.25 billion, a price-to-earnings ratio of 19.24 and a beta of 1.01. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. Teck Resources Limited has a 52-week low of $34.38 and a 52-week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The firm had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter last year, the business posted $0.91 EPS. Teck Resources’s revenue was up 10.1% on a year-over-year basis. As a group, sell-side analysts forecast that Teck Resources Limited will post 2.01 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders 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 represents a $2.50 dividend on an annualized basis and a dividend yield of 5.75%. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is currently 16.37%.

Analyst Ratings Changes

TECK has been the subject of several recent research reports. Morgan Stanley upped their target price on Teck Resources from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, June 21st. Benchmark reissued a “buy” rating and issued a $55.00 price target on shares of Teck Resources in a research note on Thursday, July 25th. BMO Capital Markets started coverage on shares of Teck Resources in a research note on Monday, July 15th. They set an “outperform” rating on the stock. JPMorgan Chase & Co. decreased their price target on Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Finally, UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $76.00 to $78.00 in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $65.00.

Teck Resources 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.