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

Castle Hook Partners LP trimmed its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 60.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,068,725 shares of the basic materials company’s stock after selling 1,649,434 shares during the period. Teck Resources comprises approximately 1.0% of Castle Hook Partners LP’s investment portfolio, making the stock its 18th biggest position. Castle Hook Partners LP owned approximately 0.21% of Teck Resources worth $55,830,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Country Club Bank acquired a new position in shares of Teck Resources in the 2nd quarter worth approximately $1,747,000. Atria Investments Inc acquired a new position in Teck Resources in the first quarter valued at $1,141,000. Klein Pavlis & Peasley Financial Inc. boosted its position in Teck Resources by 233.3% during the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 28,000 shares of the basic materials company’s stock valued at $1,341,000 after acquiring an additional 19,600 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in Teck Resources by 414.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 621,556 shares of the basic materials company’s stock valued at $27,118,000 after acquiring an additional 500,715 shares during the last quarter. Finally, CIBC Asset Management Inc grew its holdings in Teck Resources by 2.6% during the 3rd quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock worth $341,337,000 after acquiring an additional 165,759 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TECK shares. Citigroup upgraded Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. StockNews.com upgraded 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 target price on the stock. in a research report on Friday, October 25th. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Finally, Scotiabank upped their price objective on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $65.29.

Teck Resources Trading Down 0.1 %

NYSE:TECK opened at $46.24 on Thursday. Teck Resources Limited has a one year low of $35.60 and a one year high of $55.13. The company has a market cap of $23.26 billion, a PE 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. The firm has a 50-day moving average of $48.87 and a 200-day moving average of $48.48.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. The firm 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 company’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 EPS. As a group, equities research analysts expect that Teck Resources Limited will post 1.83 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.0895 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date is Friday, December 13th. Teck Resources’s dividend payout ratio 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.