Teck Resources Ltd (TECK) Stock Rating Reaffirmed by Berenberg Bank
Teck Resources Ltd (NYSE:TECK) (TSE:TECK)‘s stock had its “buy” rating restated by equities researchers at Berenberg Bank in a research note issued to investors on Tuesday. They currently have a $27.50 price target on the basic materials company’s stock. Berenberg Bank’s target price would indicate a potential upside of 34.54% from the stock’s current price.
A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research downgraded Teck Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. BidaskClub upgraded Teck Resources from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 13th. MKM Partners restated a “buy” rating and issued a $28.00 target price (up from $25.00) on shares of Teck Resources in a research report on Thursday, August 24th. ValuEngine upgraded Teck Resources from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 5th. Finally, BMO Capital Markets upped their target price on Teck Resources from $40.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, September 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $31.12.
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A number of large investors have recently made changes to their positions in TECK. Letko Brosseau & Associates Inc. acquired a new stake in Teck Resources during the 2nd quarter valued at $237,787,000. Impala Asset Management LLC acquired a new stake in Teck Resources during the 2nd quarter valued at $217,614,000. Capital Research Global Investors acquired a new stake in Teck Resources during the 2nd quarter valued at $187,626,000. Vanguard Group Inc. acquired a new stake in Teck Resources during the 2nd quarter valued at $182,655,000. Finally, TD Asset Management Inc. acquired a new stake in Teck Resources during the 2nd quarter valued at $146,189,000. 47.24% of the stock is currently owned by institutional investors.
About Teck Resources
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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