Here’s Why You Should Consider Investing in Teck Resources (TECK)

Greenlight Capital, an investment management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. The Greenlight Capital funds (the “Partnerships”) returned 8.4% in the second quarter of 2022 and 13.2% for the first half of 2022, compared to a 16.1% decline and a 20.0% decline for the S&P 500 index for the quarter and a half year, respectively. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Greenlight Capital mentioned Teck Resources Limited (NYSE:TECK) and explained its insights for the company. Founded in 1906, Teck Resources Limited (NYSE:TECK) is a Vancouver, Canada-based diversified natural resources company with an $18.1 billion market capitalization. Teck Resources Limited (NYSE:TECK) delivered a 19.19% return since the beginning of the year, while its 12-month returns are up by 50.39%. The stock closed at $34.35 per share on August 12, 2022.

Here is what Greenlight Capital has to say about Teck Resources Limited (NYSE:TECK) in its Q2 2022 investor letter:

“Finally, Teck Resources (NYSE:TECK). The shares ended the quarter at $30.57. This is about 85% of book value and less than 4x consensus earnings. The company recently began buying back its shares. When the CEO was asked on the April 27th quarterly call what the plans were for playing his ‘really strong hand of cards here,’ he responded with, ‘I’d like to buy the whole company back myself.'”

Our calculations show that Teck Resources Limited (NYSE:TECK) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Teck Resources Limited (NYSE:TECK) was in 56 hedge fund portfolios at the end of the second quarter of 2022, compared to 40 funds in the previous quarter. Teck Resources Limited (NYSE:TECK) delivered a -7.56% return in the past 3 months.

In (date of publication), we also shared another hedge fund’s views on Teck Resources Limited (NYSE:TECK) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

Disclosure: None. This article is originally published at Insider Monkey.