Teck Resources (NYSE:TECK) Given New $51.00 Price Target at JPMorgan Chase & Co.

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price decreased by JPMorgan Chase & Co. from $55.00 to $51.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 19.05% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a research note on Friday, October 25th. National Bank Financial cut Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. StockNews.com upgraded shares of Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Scotiabank boosted their target price on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. Six equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $64.71.

Teck Resources Stock Performance

NYSE:TECK opened at $42.84 on Thursday. The company has a market cap of $21.48 billion, a P/E ratio of 64.91 and a beta of 1.05. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The firm’s 50 day moving average is $44.02 and its two-hundred day moving average is $46.72. Teck Resources has a fifty-two week low of $36.50 and a fifty-two week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the previous year, the business earned $0.57 earnings per share. The firm’s quarterly revenue was down 20.6% compared to the same quarter last year. Analysts expect that Teck Resources will post 1.7 EPS for the current year.

Hedge Funds Weigh In On Teck Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TECK. FMR LLC boosted its stake in Teck Resources by 72.8% during the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock valued at $189,848,000 after buying an additional 1,531,563 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in shares of Teck Resources during the 3rd quarter valued at about $70,549,000. Principal Financial Group Inc. grew its stake in shares of Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after purchasing an additional 1,326,241 shares during the last quarter. Holocene Advisors LP lifted its stake in Teck Resources by 152.7% during the third quarter. Holocene Advisors LP now owns 2,070,377 shares of the basic materials company’s stock valued at $108,156,000 after purchasing an additional 1,251,203 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in Teck Resources by 55.3% during the second quarter. Canada Pension Plan Investment Board now owns 2,506,541 shares of the basic materials company’s stock worth $120,093,000 after buying an additional 892,105 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.