Teck Resources (NYSE:TECK) Given New $95.00 Price Target at Stifel Nicolaus

Key Points

• Stifel Nicolaus raised Teck Resources’ price target to $95 from $82 while maintaining a “hold” rating, implying approximately 46.9% upside from the prior close.
• Teck reported quarterly EPS of $1.35, exceeding the $0.95 consensus estimate, while revenue rose 78.2% year over year to $2.54 billion.
• Analyst sentiment remains mixed: six analysts rate the stock a “buy” and seven a “hold,” resulting in a consensus “hold” rating and an average price target of $68.80.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK had its price target hoisted by equities research analysts at Stifel Nicolaus from $82.00 to $95.00 in a research note issued on Tuesday, BayStreet reports. The firm currently has a "hold" rating on the basic materials company's stock. Stifel Nicolaus' price target points to a potential upside of 46.90% from the company's previous close.

TECK has been the topic of a number of other research reports. Weiss Ratings raised Teck Resources from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Raymond James Financial raised Teck Resources from a "market perform" rating to an "outperform" rating in a report on Thursday, July 23rd. Wall Street Zen downgraded Teck Resources from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 26th. JPMorgan Chase & Co. lifted their price objective on shares of Teck Resources from $46.00 to $47.00 and gave the company a "neutral" rating in a research report on Tuesday, July 28th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Teck Resources from $64.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, Teck Resources currently has an average rating of "Hold" and a consensus price target of $68.80.

Teck Resources Stock Performance

Shares of NYSE TECK traded up $1.19 during midday trading on Tuesday, reaching $64.67. 1,433,654 shares of the company were exchanged, compared to its average volume of 3,520,717. The company has a current ratio of 3.12, a quick ratio of 2.33 and a debt-to-equity ratio of 0.12. Teck Resources has a 1 year low of $38.00 and a 1 year high of $72.56. The stock has a fifty day simple moving average of $66.86 and a 200 day simple moving average of $62.87. The stock has a market cap of $31.25 billion, a P/E ratio of 17.56, a PEG ratio of 2.08 and a beta of 1.01.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.40. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%. The firm had revenue of $2.54 billion for the quarter, compared to analysts' expectations of $2.38 billion. During the same quarter in the previous year, the firm posted $0.38 EPS. The firm's revenue for the quarter was up 78.2% on a year-over-year basis. On average, research analysts forecast that Teck Resources will post 4.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Teck Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in TECK. Genesee Capital Advisors LLC acquired a new stake in shares of Teck Resources in the 3rd quarter worth approximately $259,000. Vontobel Holding Ltd. increased its stake in Teck Resources by 8.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 111,052 shares of the basic materials company's stock valued at $7,312,000 after purchasing an additional 8,503 shares in the last quarter. Triasima Portfolio Management inc. raised its holdings in Teck Resources by 43.4% during the third quarter. Triasima Portfolio Management inc. now owns 39,350 shares of the basic materials company's stock worth $2,597,000 after purchasing an additional 11,900 shares during the last quarter. Ninety One UK Ltd raised its holdings in Teck Resources by 119.2% during the third quarter. Ninety One UK Ltd now owns 374,409 shares of the basic materials company's stock worth $24,632,000 after purchasing an additional 203,568 shares during the last quarter. Finally, Fortitude Family Office LLC acquired a new position in Teck Resources during the third quarter worth $46,000. Institutional investors and hedge funds own 78.06% of the company's stock.

Teck Resources Company Profile

Teck Resources Limited is a Canadian mining and mineral development company focused primarily on copper and zinc, commodities used in electrification, infrastructure, manufacturing and other industrial applications. The company explores for, develops and operates mines, mineral processing facilities and related infrastructure.

Teck's copper assets include Highland Valley Copper in British Columbia, Canada; Carmen de Andacollo in Chile; and Quebrada Blanca in northern Chile. Its zinc operations include the Red Dog mine in Alaska and the Trail Operations metallurgical complex in British Columbia, which produces refined metals, alloys and other related products.

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