CIBC Increases Teck Resources (NYSE:TECK) Price Target to $80.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price objective upped by analysts at CIBC from $70.00 to $80.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “outperformer” rating on the basic materials company’s stock. CIBC’s price objective would suggest a potential upside of 56.53% from the company’s previous close.

TECK has been the topic of several other research reports. Benchmark boosted their price target on Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. upped their target price on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Finally, Morgan Stanley upped their target price on Teck Resources from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, June 21st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $62.33.

Teck Resources Price Performance

Shares of NYSE:TECK traded up $1.60 during trading on Friday, hitting $51.11. 2,681,228 shares of the stock were exchanged, compared to its average volume of 3,590,823. The company has a fifty day moving average price of $49.91 and a two-hundred day moving average price of $44.92. The company has a market cap of $26.11 billion, a PE ratio of 22.62, a P/E/G ratio of 11.71 and a beta of 1.05. The company has a current ratio of 1.49, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. Teck Resources has a 12-month low of $34.38 and a 12-month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.31). The firm had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.99 billion. Teck Resources had a return on equity of 7.52% and a net margin of 10.59%. On average, analysts forecast that Teck Resources will post 2.05 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TECK. FIL Ltd raised its holdings in Teck Resources by 98.8% in the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after acquiring an additional 5,933,226 shares during the last quarter. Norges Bank acquired a new position in Teck Resources in the 4th quarter valued at $172,740,000. AMF Tjanstepension AB raised its holdings in Teck Resources by 846.6% in the 2nd quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock valued at $210,034,000 after acquiring an additional 3,919,984 shares during the last quarter. Asia Research & Capital Management Ltd acquired a new position in Teck Resources in the 1st quarter valued at $158,976,000. Finally, Principal Financial Group Inc. increased its holdings in shares of Teck Resources by 115.4% during the 1st quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock worth $260,584,000 after buying an additional 3,047,570 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.