Castle Hook Partners LP Sells 1,649,434 Shares of Teck Resources Limited (NYSE:TECK)

Castle Hook Partners LP reduced its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 60.7% during the third quarter, HoldingsChannel.com reports. The fund owned 1,068,725 shares of the basic materials company’s stock after selling 1,649,434 shares during the quarter. Teck Resources makes up approximately 1.0% of Castle Hook Partners LP’s investment portfolio, making the stock its 18th largest position. Castle Hook Partners LP’s holdings in Teck Resources were worth $55,830,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Quent Capital LLC purchased a new stake in shares of Teck Resources during the 1st quarter valued at $119,000. O Shaughnessy Asset Management LLC raised its position in Teck Resources by 12.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 5,896 shares of the basic materials company’s stock worth $270,000 after acquiring an additional 637 shares during the period. Virtu Financial LLC purchased a new position in Teck Resources in the first quarter valued at about $375,000. Atria Investments Inc bought a new position in shares of Teck Resources during the 1st quarter valued at approximately $1,141,000. Finally, Cetera Investment Advisers increased its stake in shares of Teck Resources by 486.8% during the 1st quarter. Cetera Investment Advisers now owns 36,972 shares of the basic materials company’s stock worth $1,693,000 after purchasing an additional 30,671 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on TECK. Citigroup upgraded Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Scotiabank upped their price target on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research report on Tuesday, October 8th. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft downgraded shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a report on Friday, October 25th. Finally, JPMorgan Chase & Co. reduced 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 note on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Teck Resources presently has an average rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Stock Down 0.1 %

Shares of NYSE:TECK opened at $46.24 on Thursday. The firm has a fifty day moving average price of $48.87 and a two-hundred day moving average price of $48.48. The company has a market cap of $23.26 billion, a price-to-earnings ratio of 70.05 and a beta of 1.04. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. Teck Resources Limited has a one year low of $35.60 and a one year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.24. The company had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The firm’s quarterly revenue was down 20.6% on a year-over-year basis. During the same quarter last year, the company earned $0.57 earnings per share. Analysts anticipate that Teck Resources Limited will post 1.83 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a $0.0895 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.77%. The ex-dividend date of this dividend is Friday, December 13th. Teck Resources’s dividend payout ratio (DPR) is 56.06%.

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.