Deutsche Bank Aktiengesellschaft Boosts Teck Resources (NYSE:TECK) Price Target to $68.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price target upped by equities research analysts at Deutsche Bank Aktiengesellschaft from $64.00 to $68.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. Deutsche Bank Aktiengesellschaft’s target price points to a potential upside of 12.61% from the stock’s previous close.

Several other brokerages have also recently issued reports on TECK. Veritas cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 4th. Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a research report on Monday, June 15th. JPMorgan Chase & Co. upped their target price on Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. TD Securities restated a “hold” rating on shares of Teck Resources in a research note on Friday, April 24th. Finally, Wall Street Zen upgraded shares of Teck Resources to a “buy” rating in a report on Saturday, May 16th. Five equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $60.17.

Teck Resources Trading Up 1.7%

Shares of TECK traded up $1.04 during mid-day trading on Thursday, hitting $60.39. 710,617 shares of the company’s stock traded hands, compared to its average volume of 3,821,703. The business’s 50-day moving average price is $62.43 and its 200-day moving average price is $56.09. Teck Resources has a 1 year low of $30.98 and a 1 year high of $71.25. The firm has a market capitalization of $29.15 billion, a P/E ratio of 22.18, a PEG ratio of 3.53 and a beta of 0.92. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13.

Institutional Investors Weigh In On Teck Resources

Institutional investors have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Teck Resources during the fourth quarter valued at approximately $404,880,000. Wellington Management Group LLP increased its holdings in shares of Teck Resources by 264.5% in the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock worth $253,695,000 after buying an additional 4,194,868 shares during the last quarter. Pentwater Capital Management LP raised its position in Teck Resources by 124.1% during the fourth quarter. Pentwater Capital Management LP now owns 6,500,000 shares of the basic materials company’s stock valued at $311,285,000 after purchasing an additional 3,600,000 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of Teck Resources in the 4th quarter valued at approximately $169,999,000. Finally, Principal Financial Group Inc. boosted its stake in Teck Resources by 17.1% during the first quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock worth $1,139,051,000 after buying an additional 3,211,985 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

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.