Teck Resources’ (TECK) Overweight Rating Reaffirmed at Morgan Stanley

Teck Resources (NYSE:TECK) (TSE:TECK)‘s stock had its “overweight” rating reissued by Morgan Stanley in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $55.00 target price on the basic materials company’s stock. Morgan Stanley’s price target would suggest a potential upside of 14.80% from the stock’s current price.

Other analysts also recently issued reports about the stock. Benchmark increased their price target on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, April 8th. UBS Group assumed coverage on shares of Teck Resources in a report on Tuesday, January 16th. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.21.

Teck Resources Stock Performance

TECK stock opened at $47.91 on Thursday. Teck Resources has a twelve month low of $34.38 and a twelve month high of $50.46. The company has a quick ratio of 0.60, a current ratio of 1.10 and a debt-to-equity ratio of 0.21. The company has a market cap of $24.46 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 6.60 and a beta of 1.15. The business’s fifty day moving average is $42.07 and its 200-day moving average is $39.96.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.01. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. The business had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3.11 billion. Equities research analysts forecast that Teck Resources will post 3.61 EPS for the current year.

Hedge Funds Weigh In On Teck Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Money Concepts Capital Corp acquired a new position in Teck Resources during the 4th quarter worth approximately $29,000. Baystate Wealth Management LLC bought a new position in Teck Resources in the third quarter valued at $31,000. Creekmur Asset Management LLC acquired a new stake in Teck Resources in the 4th quarter valued at $35,000. JFS Wealth Advisors LLC lifted its position in Teck Resources by 249.0% during the 3rd quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock worth $36,000 after buying an additional 600 shares in the last quarter. Finally, Achmea Investment Management B.V. acquired a new position in shares of Teck Resources during the 1st quarter worth about $37,000. 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.