New Buy Rating for Teck Resources (TECK), the Basic Materials Giant

Scotiabank analyst Orest Wowkodaw maintained a Buy rating on Teck Resources (TECK – Research Report) today and set a price target of C$68.00. The company’s shares closed yesterday at $46.92.

Wowkodaw covers the Basic Materials sector, focusing on stocks such as Ero Copper, Hudbay Minerals, and Teck Resources. According to TipRanks, Wowkodaw has an average return of 13.4% and a 54.04% success rate on recommended stocks.

Teck Resources has an analyst consensus of Strong Buy, with a price target consensus of $47.75, which is a 1.77% upside from current levels. In a report released on April 2, RBC Capital also maintained a Buy rating on the stock with a C$78.00 price target.

Based on Teck Resources’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $4.11 billion and a net profit of $483 million. In comparison, last year the company earned a revenue of $3.14 billion and had a net profit of $640 million

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Teck Resources (TECK) Company Description:

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 Steelmaking Coal segment exports steelmaking coal. The Copper segment produces copper in Canada, Chile, Peru, North America, and South America. The Zinc segment operates fully integrated zinc, lead smelting, and refining facilities. The Energy segment covers the oil sands mining and processing operations. The Corporate segment provides administrative, technical, financial, and other support to all of the business units. The company was founded on September 24, 1951 and is headquartered in Vancouver, Canada.