TD Securities raises target price for Teck Resources (NYSE:TECK) to C$56.00

Resources Teak (NYSE: TEAK) (TSE: TEAK) had its price target raised by investment analysts at TD Securities from C$47.00 to C$56.00 in a research note released Friday to investors, reports The Fly.

Other analysts have also recently published research reports on the company. Canaccord Genuity Group upgraded Teck Resources from a “hold” rating to a “buy” rating and set a target price of $48.00 for the stock in a research note on Monday. Scotiabank raised its target price on Teck Resources from C$43.00 to C$44.00 and gave the company an “outperform” rating in a Tuesday, October 12 research report. Deutsche Bank Aktiengesellschaft raised its price target on Teck Resources from $30.00 to $32.00 and gave the company a “buy” rating in a Thursday, September 16 research report. TheStreet upgraded Teck Resources from a “d+” rating to a “c-” rating in a Thursday, October 14 report. Finally, Morgan Stanley raised its price target on Teck Resources from $29.00 to $33.00 and gave the company an “overweight” rating in a Thursday, Dec. 9 report. Four investment analysts gave the stock a hold rating and seventeen gave the stock a buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $39.13.

NYSE TECK traded down $0.13 during Friday trading hours, hitting $33.51. The company’s shares had a trading volume of 132,523 shares, compared to its average volume of 4,541,215. Teck Resources has a 12-month low of $17.31 and a 12-month high of 34, $78. The company’s 50-day simple moving average is $27.96 and its two-hundred-day simple moving average is $25.50. The company has a market capitalization of $17.62 billion, a P/E ratio of 24.45, a price-to-earnings growth ratio of 0.20 and a beta of 1.27. The company has a debt ratio of 0.32, a current ratio of 1.41 and a quick ratio of 0.73.

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The Fraser Institute conducted a survey to find the best place in the world to mine lithium. They searched 77 spots from around the world… and the Nevada desert took first place by a landslide. And this small mining company just staked 11,700 acres of mining claims in Nevada’s hottest lithium play…

Teck Resources (NYSE:TECK) (TSE:TECK) last reported results on Wednesday, October 27. The basic materials company reported earnings per share (EPS) of $1.88 for the quarter, beating the consensus estimate of $1.48 by $0.40. The company posted revenue of $3.97 billion for the quarter, versus $3.63 billion expected by analysts. Teck Resources had a return on equity of 9.13% and a net margin of 8.08%. The company’s revenue for the quarter increased 73.3% year over year. During the same period last year, the company posted earnings per share of $0.18. As a group, research analysts predict Teck Resources will post earnings per share of 4.48 for the current fiscal year.

Hedge funds have recently been buying and selling stocks. Amundi Pioneer Asset Management Inc. increased its stake in Teck Resources shares by 72.9% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 360,876 shares of the basic materials company worth $8,365,000 after purchasing an additional 152,124 shares during the period. Advisor Group Holdings Inc. increased its equity stake in Teck Resources by 31.1% during the second quarter. Advisor Group Holdings Inc. now owns 25,268 shares of the basic materials company worth $582,000 after buying 5,987 additional shares in the last quarter. Rockefeller Capital Management LP acquired a new equity stake in Teck Resources during Q2 valued at $1,119,000. Aviva PLC increased its stake in Teck Resources by 2.1% in the second quarter. Aviva PLC now owns 156,151 shares of the basic materials company valued at $3,596,000 after buying 3,207 additional shares last quarter. Finally, Van ECK Associates Corp increased its stake in Teck Resources by 67.1% in the second quarter. Van ECK Associates Corp now owns 91,894 shares of the basic materials company valued at $2,116,000 after buying an additional 36,904 shares last quarter. 48.71% of the shares are currently held by hedge funds and other institutional investors.

Teck Resources Company Profile

Teck Resources Ltd. is a resource company engaged in mining and the development of mineral properties. It has organized itself into business units focused on steelmaking coal, copper, zinc and energy. The company also offers lead, silver, molybdenum and various specialty and other metals, chemicals and fertilizers.

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