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

Teck Resources (NYSE:TECK) (TSE:TECK) had its price target lifted by analysts at CIBC from $70.00 to $80.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “outperformer” rating on the basic materials company’s stock. CIBC’s price target would indicate a potential upside of 56.53% from the stock’s current price.

TECK has been the subject of several other research reports. JPMorgan Chase & Co. boosted their price objective on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Benchmark boosted their target price on Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Finally, Morgan Stanley boosted 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 analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $62.33.

Teck Resources Price Performance

NYSE:TECK traded up $1.60 during mid-day trading on Friday, reaching $51.11. The stock had a trading volume of 2,681,228 shares, compared to its average volume of 3,590,823. The firm has a 50 day moving average price of $49.91 and a two-hundred day moving average price of $44.92. The stock has a market capitalization of $26.11 billion, a P/E ratio of 22.62, a P/E/G ratio of 11.71 and a beta of 1.05. Teck Resources has a one year low of $34.38 and a one year high of $55.13. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.49.

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

Institutional Investors Weigh In On Teck Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC grew its stake in 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. Creekmur Asset Management LLC bought a new stake in Teck Resources in the fourth quarter worth $35,000. Optiver Holding B.V. boosted its holdings in Teck Resources by 81.9% in the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 438 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in Teck Resources by 69.4% in the fourth quarter. First Horizon Advisors Inc. now owns 1,162 shares of the basic materials company’s stock worth $49,000 after acquiring an additional 476 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in Teck Resources by 187.3% in the fourth quarter. Blue Trust Inc. now owns 1,494 shares of the basic materials company’s stock worth $64,000 after acquiring an additional 974 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

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.