Teck Resources (NYSE:TECK) Price Target Raised to C$63.00 at Scotiabank

Teck Resources (NYSE:TECKGet Rating) (TSE:TECK) had its price objective raised by investment analysts at Scotiabank from C$55.00 to C$63.00 in a report released on Wednesday, The Fly reports.

Several other research analysts have also recently issued reports on TECK. Morgan Stanley increased their price objective on Teck Resources from $33.00 to $47.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 23rd. B. Riley increased their price objective on Teck Resources from C$42.00 to C$48.00 in a research report on Thursday, February 3rd. StockNews.com assumed coverage on Teck Resources in a research report on Thursday, March 31st. They issued a “buy” rating for the company. National Bank Financial raised their price target on Teck Resources from C$55.00 to C$60.00 in a research report on Friday, April 8th. Finally, The Goldman Sachs Group upgraded Teck Resources from a “neutral” rating to a “buy” rating and set a $51.00 price target for the company in a research report on Wednesday, March 9th. Three analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $49.58.

Teck Resources stock opened at $43.16 on Wednesday. Teck Resources has a 12 month low of $19.32 and a 12 month high of $44.01. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.62 and a quick ratio of 0.99. The business has a 50 day simple moving average of $38.39 and a 200-day simple moving average of $31.94. The stock has a market capitalization of $22.77 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 0.14 and a beta of 1.19.

Teck Resources (NYSE:TECKGet Rating) (TSE:TECK) last released its quarterly earnings results on Thursday, February 24th. The basic materials company reported $2.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.04 by ($0.02). The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.54 billion. Teck Resources had a return on equity of 13.80% and a net margin of 21.23%. Teck Resources’s revenue for the quarter was up 72.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.35 EPS. As a group, equities research analysts anticipate that Teck Resources will post 7.24 EPS for the current year.

A number of large investors have recently modified their holdings of TECK. Soroban Capital Partners LP acquired a new stake in Teck Resources in the 4th quarter worth about $318,590,000. Norges Bank acquired a new stake in Teck Resources in the 4th quarter worth about $127,516,000. Natixis acquired a new stake in Teck Resources in the 3rd quarter worth about $67,513,000. Davis Selected Advisers acquired a new stake in Teck Resources in the 3rd quarter worth about $62,145,000. Finally, Alberta Investment Management Corp boosted its stake in Teck Resources by 168.6% in the 4th quarter. Alberta Investment Management Corp now owns 3,114,703 shares of the basic materials company’s stock worth $89,830,000 after buying an additional 1,955,186 shares during the last quarter. 54.12% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Company Profile (Get Rating)

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, Energy, and Corporate segments. The company's principal products include steelmaking coal; copper, gold, blended bitumen, lead, silver, molybdenum, zinc, and zinc concentrates; chemicals, fertilizers, and other metals.

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