Teck Resources Ltd (TECK) Receives “Buy” Rating from Berenberg Bank

Teck Resources Ltd (NYSE:TECK) (TSE:TECK)‘s stock had its “buy” rating reaffirmed by research analysts at Berenberg Bank in a research report issued on Tuesday. They currently have a $27.50 price target on the basic materials company’s stock. Berenberg Bank’s price objective suggests a potential upside of 34.54% from the stock’s current price.

Several other brokerages also recently issued reports on TECK. MKM Partners reiterated a “buy” rating and set a $28.00 price target (up previously from $25.00) on shares of Teck Resources in a report on Thursday, August 24th. ValuEngine downgraded Teck Resources from a “strong-buy” rating to a “buy” rating in a report on Wednesday, September 6th. Zacks Investment Research downgraded Teck Resources from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. BidaskClub upgraded Teck Resources from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 13th. Finally, Bank of America Corp upped their price objective on Teck Resources from $27.00 to $29.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. 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. Teck Resources has a consensus rating of “Buy” and an average price target of $31.12.

Teck Resources (TECK) traded down 1.54% during midday trading on Tuesday, hitting $20.44. The stock had a trading volume of 3,751,563 shares. The stock has a market capitalization of $11.81 billion, a PE ratio of 7.03 and a beta of 1.21. The stock’s 50-day moving average is $22.02 and its 200-day moving average is $20.56. Teck Resources has a 1-year low of $14.56 and a 1-year high of $33.76.

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Institutional investors and hedge funds have recently modified their holdings of the stock. Capital Analysts LLC purchased a new stake in Teck Resources during the 2nd quarter worth about $100,000. Winslow Evans & Crocker Inc. purchased a new stake in Teck Resources during the 2nd quarter worth about $108,000. Financial Architects Inc purchased a new stake in Teck Resources during the 2nd quarter worth about $123,000. PNC Financial Services Group Inc. purchased a new stake in Teck Resources during the 2nd quarter worth about $124,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Teck Resources in the 2nd quarter valued at about $164,000. 47.24% of the stock is currently owned by institutional investors and hedge funds.

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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