Teck Resources (TECK.B) Received its Third Buy in a Row


Analysts have been quite happy with Teck Resources (TECK.B) stock lately, with several positive ratings in a row that it received in the past month alone. Analyst Matt Murphy from Barclays remains bullish on the stock and has a C$40 price target.

According to TipRanks.com, Murphy is a 4-star analyst with an average return of 15.7% and a 79.6% success rate. Murphy covers the Basic Materials sector, focusing on stocks such as Newmont Mining Corporation, First Quantum Minerals Ltd, and Barrick Gold Corporation.

Currently, the analyst consensus on Teck Resources is a Strong Buy with an average price target of C$42, implying a 32.6% upside from current levels. In a report released yesterday, Raymond James also maintained a Buy rating on the stock with a C$43 price target.

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Based on Teck Resources’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of C$3.25 billion and net profit of C$433 million. In comparison, last year the company earned revenue of C$3.09 billion and had a net profit of C$759 million.

Teck Resources Ltd. is a diversified resource company, which engages in the mining and mineral development of copper, steelmaking coal, zinc, and energy properties. The firm also produces germanium and indium. It operates through the following business segments: Steelmaking Coal, Copper, Zinc, Energy, and Corporate.

The company’s shares closed on Thursday at C$31.67.

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