Teck Resources (NYSE:TECK) Price Target Raised to $33.00 at CIBC


Share on StockTwits

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price lifted by equities researchers at CIBC from $32.00 to $33.00 in a report released on Monday, The Fly reports. The firm currently has a “neutral” rating on the basic materials company’s stock. CIBC’s price objective indicates a potential upside of 47.19% from the company’s previous close.

TECK has been the subject of several other reports. JPMorgan Chase & Co. initiated coverage on Teck Resources in a research note on Wednesday, February 10th. They issued an “overweight” rating and a $25.00 target price for the company. B. Riley reissued a “buy” rating on shares of Teck Resources in a research note on Tuesday, April 6th. Raymond James raised their price target on Teck Resources from $31.50 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, April 29th. Scotiabank raised their price target on Teck Resources from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, April 19th. Finally, Canaccord Genuity lowered Teck Resources from a “buy” rating to a “hold” rating in a research report on Friday, January 8th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $25.94.

TECK opened at $22.42 on Monday. The stock has a 50-day moving average of $20.68 and a 200-day moving average of $18.66. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.67 and a current ratio of 1.34. Teck Resources has a 52-week low of $7.78 and a 52-week high of $23.93. The company has a market cap of $11.74 billion, a PE ratio of -12.60 and a beta of 1.27.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, February 18th. The basic materials company reported $0.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.05. Teck Resources had a positive return on equity of 2.49% and a negative net margin of 14.37%. The firm had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.94 billion. On average, research analysts predict that Teck Resources will post 0.68 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC boosted its position in shares of Teck Resources by 26.9% during the 1st quarter. Commonwealth Equity Services LLC now owns 819,773 shares of the basic materials company’s stock worth $15,723,000 after purchasing an additional 173,953 shares in the last quarter. Oliver Luxxe Assets LLC bought a new position in Teck Resources in the 1st quarter valued at about $225,000. US Bancorp DE lifted its position in Teck Resources by 3.5% in the 1st quarter. US Bancorp DE now owns 29,402 shares of the basic materials company’s stock valued at $564,000 after acquiring an additional 1,000 shares in the last quarter. Comerica Bank lifted its position in Teck Resources by 3.4% in the 1st quarter. Comerica Bank now owns 29,902 shares of the basic materials company’s stock valued at $655,000 after acquiring an additional 983 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in Teck Resources by 24.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 29,195 shares of the basic materials company’s stock valued at $560,000 after acquiring an additional 5,782 shares in the last quarter. 47.07% of the stock is currently owned by institutional investors.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead and molybdenum concentrates.

See Also: What is a portfolio manager?

The Fly

Analyst Recommendations for Teck Resources (NYSE:TECK)

Receive News & Ratings for Teck Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teck Resources and related companies with MarketBeat.com's FREE daily email newsletter.