Teck Resources (NYSE:TECK) Price Target Raised to $79.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price objective raised by Scotiabank from $78.00 to $79.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a sector outperform rating on the basic materials company’s stock.

Several other analysts have also recently commented on the company. TD Securities raised Teck Resources to a strong-buy rating in a research report on Tuesday, July 16th. UBS Group raised Teck Resources from a neutral rating to a buy rating and raised their target price for the stock from $76.00 to $78.00 in a research report on Wednesday, September 4th. CIBC lifted their price objective on Teck Resources from $70.00 to $80.00 and gave the company an outperformer rating in a research report on Friday, July 12th. BMO Capital Markets initiated coverage on Teck Resources in a research report on Monday, July 15th. They set an outperform rating for the company. Finally, Eight Capital cut Teck Resources from a strong-buy rating to a hold rating in a research report on Thursday, July 11th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $67.00.

Teck Resources Stock Performance

Shares of NYSE TECK opened at $50.42 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $25.65 billion, a price-to-earnings ratio of 24.72 and a beta of 1.02. The stock’s fifty day simple moving average is $47.92 and its 200 day simple moving average is $48.42. Teck Resources has a 52-week low of $34.38 and a 52-week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. The business had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 EPS. As a group, sell-side analysts forecast that Teck Resources will post 2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Teck Resources

Institutional investors have recently made changes to their positions in the business. Hexagon Capital Partners LLC increased its stake in shares of Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 386 shares during the period. Headlands Technologies LLC bought a new position in shares of Teck Resources in the second quarter worth about $38,000. Creekmur Asset Management LLC bought a new position in shares of Teck Resources in the fourth quarter worth about $35,000. Bruce G. Allen Investments LLC increased its stake in shares of Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 383 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of Teck Resources by 69.7% in the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 409 shares during the period. 78.06% of the stock is currently owned by institutional investors.

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.