Teck Resources (NYSE:TECK) Price Target Raised to $67.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price target upped by Benchmark from $48.00 to $67.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. Benchmark’s price target would indicate a potential upside of 11.87% from the company’s previous close.

TECK has been the topic of several other research reports. Citigroup raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Monday, February 2nd. Veritas raised Teck Resources from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, January 15th. JPMorgan Chase & Co. increased their price target on Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a report on Friday, December 5th. TD Securities cut shares of Teck Resources from a “buy” rating to a “hold” rating in a research report on Thursday, January 22nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $46.00 price target on shares of Teck Resources in a research report on Wednesday, November 26th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $56.50.

Teck Resources Stock Up 1.0%

Shares of TECK opened at $59.89 on Monday. Teck Resources has a 52-week low of $28.32 and a 52-week high of $60.75. The company has a quick ratio of 1.91, a current ratio of 2.54 and a debt-to-equity ratio of 0.13. The stock has a fifty day simple moving average of $52.05 and a two-hundred day simple moving average of $44.20. The company has a market capitalization of $28.83 billion, a PE ratio of 29.43, a price-to-earnings-growth ratio of 0.56 and a beta of 0.79.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.39. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the previous year, the company posted $0.45 EPS. The company’s revenue was up 9.8% compared to the same quarter last year. As a group, equities analysts forecast that Teck Resources will post 1.53 EPS for the current year.

Hedge Funds Weigh In On Teck Resources

Several institutional investors have recently added to or reduced their stakes in TECK. Principal Financial Group Inc. lifted its position in Teck Resources by 36.1% during the 3rd quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock worth $740,604,000 after acquiring an additional 4,474,637 shares in the last quarter. Norges Bank acquired a new stake in shares of Teck Resources during the second quarter valued at about $437,657,000. Northwest & Ethical Investments L.P. boosted its holdings in Teck Resources by 16.1% in the second quarter. Northwest & Ethical Investments L.P. now owns 157,645 shares of the basic materials company’s stock valued at $6,402,000 after purchasing an additional 21,900 shares during the last quarter. Alps Advisors Inc. increased its holdings in Teck Resources by 37.3% during the 3rd quarter. Alps Advisors Inc. now owns 166,334 shares of the basic materials company’s stock worth $7,300,000 after purchasing an additional 45,194 shares during the last quarter. Finally, Swiss National Bank raised its position in shares of Teck Resources by 6.0% in the 2nd quarter. Swiss National Bank now owns 1,428,679 shares of the basic materials company’s stock valued at $57,555,000 after purchasing an additional 80,300 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.