Oppenheimer Asset Management Inc. Decreases Position in Teck Resources Limited (NYSE:TECK)

Oppenheimer Asset Management Inc. reduced its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 2.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,015 shares of the basic materials company’s stock after selling 246 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Teck Resources were worth $523,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Daymark Wealth Partners LLC raised its stake in shares of Teck Resources by 2.8% in the third quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock worth $458,000 after purchasing an additional 242 shares during the last quarter. Cigna Investments Inc. New lifted its stake in Teck Resources by 3.8% during the 2nd quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock valued at $420,000 after acquiring an additional 317 shares during the period. Candriam S.C.A. boosted its holdings in shares of Teck Resources by 4.0% during the 2nd quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock valued at $426,000 after acquiring an additional 343 shares during the last quarter. Evergreen Capital Management LLC grew its stake in shares of Teck Resources by 7.8% in the second quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock worth $243,000 after acquiring an additional 365 shares during the period. Finally, Bruce G. Allen Investments LLC raised its holdings in shares of Teck Resources by 77.4% during the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after purchasing an additional 383 shares during the last quarter. 78.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on TECK shares. Benchmark reiterated a “buy” rating and set a $55.00 target price on shares of Teck Resources in a research note on Thursday, July 25th. Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Citigroup upgraded shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. cut their target price on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Price Performance

TECK stock opened at $47.14 on Wednesday. The company has a market capitalization of $23.71 billion, a PE ratio of 71.42 and a beta of 1.04. The company’s fifty day moving average price is $48.83 and its 200-day moving average price is $48.63. Teck Resources Limited has a one year low of $35.25 and a one year high of $55.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The firm had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same quarter last year, the business posted $0.57 earnings per share. The business’s quarterly revenue was down 20.6% compared to the same quarter last year. On average, equities analysts anticipate that Teck Resources Limited will post 1.84 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.0895 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.36 annualized dividend and a yield of 0.76%. Teck Resources’s dividend payout ratio (DPR) is currently 56.06%.

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.