Analysts Are Recommending These 5 Commodity Stocks

3. Teck Resources Limited (NYSE:TECK)

Number of Hedge Fund Holders: 40

Teck Resources Limited (NYSE:TECK) is a Canadian producer of steelmaking coal, copper, gold, silver, zinc and zinc concentrates, chemicals, fertilizers, and other metals. The company owns exploration and development interests in properties across Australia, Chile, Ireland, Mexico, Peru, Turkey, and the United States.

On March 17, Stifel analyst Alex Terentiew kept a Buy rating on the shares and lifted the price target on Teck Resources Limited (NYSE:TECK) to C$68 from C$57.

On February 24, Teck Resources Limited (NYSE:TECK) declared a C$0.125 per share quarterly dividend, a 150% increase from its prior dividend of C$0.05. The dividend will be distributed on March 31, to shareholders of record on March 15. The company also announced a supplemental dividend of C$0.50 per share, payable with the quarterly dividend.

Teck Resources Limited (NYSE:TECK) disclosed plans to repurchase up to $100 million of Class B subordinate voting shares annually on February 24. The current program authorizes the purchase of up to 40 million shares through the period ending November 1, 2022. 

In Q4 2021, 40 hedge funds held long positions in Teck Resources Limited (NYSE:TECK), compared to 41 funds in the earlier quarter. Soroban Capital Partners owned the largest stake in the company, with more than 11 million shares worth $318.5 million.