JPMorgan Chase & Co. Has Lowered Expectations for Teck Resources (NYSE:TECK) Stock Price

Teck Resources (NYSE:TECK) (TSE:TECK) had its price target decreased by investment analysts at JPMorgan Chase & Co. from $50.00 to $41.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 21.82% from the company’s current price.

Several other research firms have also recently commented on TECK. Desjardins assumed coverage on Teck Resources in a research report on Friday, April 4th. They set a “buy” rating for the company. Raymond James decreased their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Bank of America lifted their target price on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Finally, National Bankshares reissued a “sector perform” rating on shares of Teck Resources in a report on Wednesday, April 2nd. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $64.11.

Teck Resources Trading Up 6.0 %

Shares of Teck Resources stock opened at $33.66 on Thursday. The company’s 50-day moving average price is $39.35 and its 200-day moving average price is $43.42. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources has a 12-month low of $28.32 and a 12-month high of $55.13. The company has a market cap of $16.66 billion, a price-to-earnings ratio of 61.20 and a beta of 0.81.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.07. The business had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. On average, equities analysts expect that Teck Resources will post 1.53 earnings per share for the current fiscal year.

Institutional Trading of Teck Resources

A number of institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. raised its position in Teck Resources by 2.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the basic materials company’s stock valued at $471,000 after purchasing an additional 243 shares during the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of Teck Resources by 2.9% in the 4th quarter. Sequoia Financial Advisors LLC now owns 9,809 shares of the basic materials company’s stock worth $398,000 after buying an additional 279 shares during the last quarter. Steward Partners Investment Advisory LLC increased its holdings in shares of Teck Resources by 6.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,844 shares of the basic materials company’s stock valued at $196,000 after acquiring an additional 297 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in Teck Resources by 2.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 13,959 shares of the basic materials company’s stock valued at $566,000 after purchasing an additional 302 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its holdings in Teck Resources by 7.2% in the fourth quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company’s stock worth $198,000 after buying an additional 327 shares during the last quarter. 78.06% of the stock is currently owned by hedge funds and other 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.