Brokerages Set Teck Resources Limited (NYSE:TECK) Price Target at $67.43

Teck Resources Limited (NYSE:TECK) (TSE:TECK) has received an average rating of “Moderate Buy” from the eleven analysts that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $67.43.

A number of brokerages have recently commented on TECK. BMO Capital Markets assumed coverage on shares of Teck Resources in a research report on Monday, July 15th. They set an “outperform” rating for the company. UBS Group raised shares of Teck Resources from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $76.00 to $78.00 in a report on Wednesday, September 4th. Benchmark reissued a “buy” rating and issued a $55.00 target price on shares of Teck Resources in a research note on Thursday, July 25th. Eight Capital cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. Finally, CIBC upped their price objective on Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a report on Friday, July 12th.

Hedge Funds Weigh In On Teck Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TECK. Daymark Wealth Partners LLC lifted its position in Teck Resources by 2.8% during the 3rd quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock worth $458,000 after buying an additional 242 shares in the last quarter. Cigna Investments Inc. New lifted its position in shares of Teck Resources by 3.8% during the 2nd quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock valued at $420,000 after acquiring an additional 317 shares during the period. Candriam S.C.A. grew its stake in Teck Resources by 4.0% during the second quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock worth $426,000 after buying an additional 343 shares in the last quarter. Evergreen Capital Management LLC boosted its position in shares of Teck Resources by 7.8% during the 2nd quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock worth $243,000 after acquiring an additional 365 shares in the last quarter. Finally, Bruce G. Allen Investments LLC increased its stake in shares of Teck Resources by 77.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after purchasing an additional 383 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Stock Performance

Shares of TECK stock opened at $46.83 on Tuesday. The firm has a market cap of $23.70 billion, a P/E ratio of 22.96 and a beta of 1.02. The stock’s 50-day moving average is $48.76 and its two-hundred day moving average is $48.73. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. Teck Resources has a fifty-two week low of $34.38 and a fifty-two week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The business had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same period in the previous year, the company earned $0.91 earnings per share. Teck Resources’s revenue for the quarter was up 10.1% on a year-over-year basis. Analysts predict that Teck Resources will post 1.93 earnings per share for the current fiscal year.

About Teck Resources

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.