Teck Resources (NYSE:TECK) Price Target Raised to $68.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price target raised by equities researchers at Deutsche Bank Aktiengesellschaft from $64.00 to $68.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. Deutsche Bank Aktiengesellschaft’s target price would indicate a potential upside of 12.61% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. raised their price target on Teck Resources from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Zacks Research downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 22nd. Scotiabank reissued a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. Veritas lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. Finally, Wall Street Zen upgraded shares of Teck Resources to a “buy” rating in a research report on Saturday, May 16th. Five research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $60.17.

Teck Resources Price Performance

Shares of TECK traded up $1.04 during mid-day trading on Thursday, reaching $60.39. 710,617 shares of the stock traded hands, compared to its average volume of 3,821,703. The company has a market cap of $29.15 billion, a price-to-earnings ratio of 22.18, a price-to-earnings-growth ratio of 3.53 and a beta of 0.92. Teck Resources has a 1 year low of $30.98 and a 1 year high of $71.25. The firm has a fifty day moving average price of $62.43 and a 200 day moving average price of $56.09. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TECK. Welch Group LLC lifted its stake in shares of Teck Resources by 3.5% in the 4th quarter. Welch Group LLC now owns 5,899 shares of the basic materials company’s stock valued at $283,000 after acquiring an additional 199 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Teck Resources by 117.4% in the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 303 shares during the last quarter. Compound Planning Inc. boosted its stake in shares of Teck Resources by 1.0% during the fourth quarter. Compound Planning Inc. now owns 32,266 shares of the basic materials company’s stock valued at $1,545,000 after purchasing an additional 333 shares during the period. 44 Wealth Management LLC boosted its stake in shares of Teck Resources by 1.3% during the fourth quarter. 44 Wealth Management LLC now owns 31,488 shares of the basic materials company’s stock valued at $1,508,000 after purchasing an additional 411 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in shares of Teck Resources by 5.5% in the third quarter. NewEdge Advisors LLC now owns 8,635 shares of the basic materials company’s stock worth $379,000 after purchasing an additional 452 shares during the last quarter. 78.06% of the stock is owned by institutional investors.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.