Teck Resources (NYSE:TECK) Coverage Initiated by Analysts at Desjardins

Investment analysts at Desjardins began coverage on shares of Teck Resources (NYSE:TECK) (TSE:TECK) in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage set a “buy” rating on the basic materials company’s stock.

A number of other research firms have also weighed in on TECK. Raymond James lowered their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. lowered their price target on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Bank of America increased their price objective on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Finally, National Bank Financial lowered Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $65.22.

Teck Resources Stock Performance

Teck Resources stock opened at $29.97 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The company has a market capitalization of $14.83 billion, a PE ratio of 54.48 and a beta of 0.81. The company has a 50 day moving average price of $40.72 and a 200-day moving average price of $44.25. Teck Resources has a fifty-two week low of $29.26 and a fifty-two week high of $55.13.

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

Institutional Investors Weigh In On Teck Resources

A number of large investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in Teck Resources in the 4th quarter worth $470,101,000. Swedbank AB purchased a new stake in Teck Resources during the 4th quarter valued at about $103,878,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Teck Resources in the fourth quarter valued at about $65,197,000. AMF Tjanstepension AB raised its stake in shares of Teck Resources by 32.2% in the fourth quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock worth $244,252,000 after purchasing an additional 1,467,516 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of Teck Resources during the third quarter worth about $70,549,000. 78.06% of the stock is owned by hedge funds and other 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. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.