Morgan Stanley Increases Teck Resources (NYSE:TECK) Price Target to $60.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price hoisted by equities research analysts at Morgan Stanley from $55.00 to $60.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. Morgan Stanley’s price target would suggest a potential upside of 24.92% from the stock’s current price.

Several other research firms also recently issued reports on TECK. JPMorgan Chase & Co. boosted their price objective on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Benchmark boosted their target price on Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and an average target price of $58.57.

Teck Resources Price Performance

TECK stock opened at $48.03 on Friday. The company has a current ratio of 1.49, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $24.54 billion, a PE ratio of 21.25, a P/E/G ratio of 10.38 and a beta of 1.08. Teck Resources has a 12-month low of $34.38 and a 12-month high of $55.13. The business’s fifty day moving average price is $49.67 and its 200 day moving average price is $43.97.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.31). The firm had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.99 billion. Teck Resources had a net margin of 10.59% and a return on equity of 7.52%. On average, sell-side analysts anticipate that Teck Resources will post 2.21 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Ninety One SA PTY Ltd boosted its position in shares of Teck Resources by 45.1% during the 4th quarter. Ninety One SA PTY Ltd now owns 147,093 shares of the basic materials company’s stock worth $6,236,000 after acquiring an additional 45,750 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of Teck Resources by 45.7% during the 4th quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock worth $280,491,000 after acquiring an additional 2,080,295 shares in the last quarter. AGF Management Ltd. boosted its position in shares of Teck Resources by 13.4% during the 4th quarter. AGF Management Ltd. now owns 136,376 shares of the basic materials company’s stock worth $5,785,000 after acquiring an additional 16,141 shares in the last quarter. Douglas Lane & Associates LLC boosted its position in shares of Teck Resources by 54.3% during the 4th quarter. Douglas Lane & Associates LLC now owns 663,366 shares of the basic materials company’s stock worth $28,040,000 after acquiring an additional 233,361 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Teck Resources by 37.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,935,979 shares of the basic materials company’s stock worth $81,966,000 after acquiring an additional 526,611 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Company Profile

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.