Teck Resources (NYSE:TECK) PT Raised to C$35.00 at Raymond James

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price increased by analysts at Raymond James from C$32.00 to C$35.00 in a research note issued to investors on Wednesday, The Fly reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. Raymond James also issued estimates for Teck Resources’ Q3 2021 earnings at $0.76 EPS, Q1 2022 earnings at $0.65 EPS, Q2 2022 earnings at $0.66 EPS, Q3 2022 earnings at $0.69 EPS, Q4 2022 earnings at $0.71 EPS and FY2022 earnings at $2.71 EPS.

TECK has been the topic of several other research reports. Royal Bank of Canada decreased their price target on Teck Resources from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, February 19th. Scotiabank increased their target price on Teck Resources from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, April 19th. BMO Capital Markets increased their target price on Teck Resources from $27.00 to $31.00 and gave the stock a “market perform” rating in a research note on Tuesday, March 30th. B. Riley reiterated a “buy” rating on shares of Teck Resources in a research note on Tuesday, April 6th. Finally, Deutsche Bank Aktiengesellschaft upgraded Teck Resources from a “hold” rating to a “buy” rating and increased their target price for the stock from $20.00 to $30.00 in a research note on Wednesday, May 26th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Teck Resources currently has a consensus rating of “Buy” and a consensus target price of $27.00.

NYSE:TECK opened at $23.45 on Wednesday. The firm’s fifty day moving average is $22.92. Teck Resources has a fifty-two week low of $9.56 and a fifty-two week high of $26.72. The stock has a market cap of $12.29 billion, a price-to-earnings ratio of -68.97, a PEG ratio of 0.55 and a beta of 1.28. The company has a quick ratio of 0.59, a current ratio of 1.16 and a debt-to-equity ratio of 0.30.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Wednesday, April 28th. The basic materials company reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.18. Teck Resources had a positive return on equity of 3.82% and a negative net margin of 2.55%. The company had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same quarter in the prior year, the firm posted $0.17 EPS. Teck Resources’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, analysts anticipate that Teck Resources will post 2.08 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of TECK. Parallel Advisors LLC boosted its position in Teck Resources by 201.8% during the first quarter. Parallel Advisors LLC now owns 2,306 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 1,542 shares in the last quarter. Quadrant Capital Group LLC boosted its position in Teck Resources by 25.8% during the first quarter. Quadrant Capital Group LLC now owns 3,210 shares of the basic materials company’s stock valued at $62,000 after purchasing an additional 658 shares in the last quarter. Atlas Capital Advisors LLC bought a new stake in Teck Resources during the first quarter valued at about $126,000. The PNC Financial Services Group Inc. boosted its position in Teck Resources by 23.7% during the first quarter. The PNC Financial Services Group Inc. now owns 9,539 shares of the basic materials company’s stock valued at $182,000 after purchasing an additional 1,827 shares in the last quarter. Finally, Lorne Steinberg Wealth Management Inc. purchased a new stake in Teck Resources in the fourth quarter valued at about $189,000. 45.48% of the stock is currently owned by institutional investors.

Teck Resources Company Profile

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead and molybdenum concentrates.

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