Impala Asset Management founder Robert Bishop's best stock idea: Teck Resources

Robert Bishop speaking at the Delivering Alpha conference on Sept. 13, 2016.
David A. Grogan | CNBC
Robert Bishop speaking at the Delivering Alpha conference on Sept. 13, 2016.

Teck Resources has seen its shares explode over the past year, but Robert Bishop believes there's still room for growth.

The Impala Asset Management founder spoke at the 2016 Delivering Alpha conference on Tuesday and recommended investors buy the natural resources exploration firm. Teck's shares have soared some 315 percent in 2016.

"Management has done a very good job of cutting costs," Bishop said.

He also is enthusiastic about Teck's involvement in the $13.5 billion Fort Hills Orange Sands project.

Teck's shares were down more than 4 percent Tuesday afternoon.