Analysts Set Teck Resources Ltd (NYSE:TECK) Price Target at $53.33

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) has been assigned an average recommendation of “Moderate Buy” from the twenty-one ratings firms that are presently covering the stock, Marketbeat.com reports. Twelve analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $53.3333.

Several research firms have recently commented on TECK. Benchmark reaffirmed a “buy” rating on shares of Teck Resources in a report on Thursday, October 23rd. Raymond James Financial downgraded Teck Resources from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 14th. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a report on Monday, January 26th. TD Securities lowered shares of Teck Resources from a “buy” rating to a “hold” rating in a report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. increased their price target on Teck Resources from $43.00 to $51.00 and gave the company a “neutral” rating in a report on Friday, December 5th.

Hedge Funds Weigh In On Teck Resources

A number of hedge funds have recently modified their holdings of the business. Versant Capital Management Inc acquired a new stake in shares of Teck Resources during the third quarter valued at about $26,000. Smartleaf Asset Management LLC increased its position in shares of Teck Resources by 72.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 351 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Teck Resources in the second quarter valued at $49,000. SouthState Bank Corp acquired a new stake in shares of Teck Resources during the 3rd quarter worth about $50,000. Finally, Tobam purchased a new stake in shares of Teck Resources during the 2nd quarter worth approximately $62,000. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Trading Up 3.5%

Teck Resources stock opened at $60.37 on Monday. The stock has a 50-day moving average price of $50.02 and a 200 day moving average price of $42.83. The company has a market capitalization of $29.03 billion, a price-to-earnings ratio of 33.92, a price-to-earnings-growth ratio of 0.58 and a beta of 0.80. Teck Resources has a 52 week low of $28.32 and a 52 week high of $60.75. The company has a quick ratio of 2.08, a current ratio of 2.78 and a debt-to-equity ratio of 0.15.

About Teck Resources

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.