Bank of America Issues Positive Forecast for Teck Resources (NYSE:TECK) Stock Price

Teck Resources (NYSE:TECK) (TSE:TECK) had its price objective upped by investment analysts at Bank of America from $62.00 to $64.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. Bank of America‘s price objective indicates a potential upside of 72.94% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on TECK. National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. lowered their price objective on Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. UBS Group lowered Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, Raymond James cut their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.22.

Teck Resources Price Performance

Teck Resources stock traded down $2.77 during mid-day trading on Monday, reaching $37.01. 3,274,811 shares of the company were exchanged, compared to its average volume of 3,122,846. The firm has a market cap of $18.38 billion, a PE ratio of 67.35 and a beta of 0.93. The company has a fifty day simple moving average of $41.80 and a 200-day simple moving average of $45.24. Teck Resources has a 12 month low of $36.99 and a 12 month high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.26 by $0.07. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.58 billion. As a group, equities research analysts expect that Teck Resources will post 1.53 earnings per share for the current fiscal year.

Institutional Trading of Teck Resources

A number of large investors have recently made changes to their positions in TECK. Vanguard Group Inc. boosted its stake in shares of Teck Resources by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 19,316,132 shares of the basic materials company’s stock worth $783,153,000 after purchasing an additional 58,985 shares during the period. Amundi grew its stake in shares of Teck Resources by 5.6% during the fourth quarter. Amundi now owns 14,949,233 shares of the basic materials company’s stock valued at $619,765,000 after buying an additional 791,725 shares during the last quarter. Norges Bank purchased a new stake in shares of Teck Resources in the fourth quarter worth approximately $470,101,000. Invesco Ltd. lifted its stake in shares of Teck Resources by 4.7% during the 4th quarter. Invesco Ltd. now owns 7,711,727 shares of the basic materials company’s stock worth $312,556,000 after acquiring an additional 347,235 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Teck Resources by 21.7% during the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after acquiring an additional 1,326,241 shares during the period. 78.06% of the stock is currently owned by 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.