5 Best Mining Stocks To Buy Now

3. Teck Resources Ltd (NYSE:TECK)

Number of Hedge Fund Holders: 46

Teck Resources Ltd (NYSE:TECK) is involved in the exploration and mining of copper, zinc, steelmaking coal, and blended bitumen among other resources. At the end of Q2 2022, 46 hedge funds held stakes in Teck Resources Ltd (NYSE:TECK). The collective stakes of these hedge funds in the company were valued at $2.07 billion.

Wall Street is bullish on Teck Resources Ltd (NYSE:TECK) and the stock is one of the best mining stocks to invest in now. On September 28, Jefferies analyst Christopher LaFemina started coverage of Teck Resources Ltd (NYSE:TECK) with a Buy rating and a C$60 price target. On October 5, Deutsche Bank analyst Abhi Agarwal revised his price target on Teck Resources Ltd (NYSE:TECK) to $42 from $43 and maintained a Buy rating on the shares.

Teck Resources Ltd (NYSE:TECK) is presenting an attractive entry point for investors. As of October 10, the stock is trading at a PE multiple of 4x and is offering a forward dividend yield of 1.15%. The company is cash-rich and profitable. Teck Resources Ltd (NYSE:TECK) has free cash flows of $3.88 billion and has a trailing twelve-month operating margin of 46.64%.

As of June 30, Soroban Capital Partners owns more than 13 million shares of Teck Resources Ltd (NYSE:TECK) and is the top shareholder in the company. The fund’s stakes are valued at $416 million.