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

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price reduced by analysts at JPMorgan Chase & Co. from $55.00 to $51.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 19.05% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on TECK. UBS Group cut Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target for the company. in a research note on Friday, October 25th. Citigroup upgraded shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Scotiabank boosted their price objective 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. Finally, National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.71.

Teck Resources Price Performance

TECK opened at $42.84 on Thursday. The firm has a market cap of $21.48 billion, a price-to-earnings ratio of 64.91 and a beta of 1.05. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The stock’s 50-day moving average price is $44.02 and its 200 day moving average price is $46.72. Teck Resources has a 12-month low of $36.50 and a 12-month high of $55.13.

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

Hedge Funds Weigh In On Teck Resources

Institutional investors have recently made changes to their positions in the stock. Forest Avenue Capital Management LP raised its stake in Teck Resources by 3.7% in the 3rd quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company’s stock valued at $37,661,000 after purchasing an additional 25,430 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Teck Resources during the third quarter worth about $1,937,000. CIBC Asset Management Inc raised its position in shares of Teck Resources by 2.6% in the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock valued at $341,337,000 after buying an additional 165,759 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of Teck Resources by 20.9% during the third quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company’s stock valued at $5,132,000 after buying an additional 16,981 shares during the period. Finally, Paloma Partners Management Co acquired a new stake in Teck Resources during the third quarter worth approximately $20,896,000. 78.06% of the stock is owned by institutional investors and hedge funds.

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.