JPMorgan Chase & Co. Lowers Teck Resources (NYSE:TECK) Price Target to $55.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price target reduced by investment analysts at JPMorgan Chase & Co. from $57.00 to $55.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 15.84% from the stock’s previous close.

A number of other brokerages have also recently issued reports on TECK. TD Securities raised shares of Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. BMO Capital Markets assumed coverage on shares of Teck Resources in a report on Monday, July 15th. They set an “outperform” rating on the stock. Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a report on Friday. Benchmark reissued a “buy” rating and set a $55.00 target price on shares of Teck Resources in a report on Thursday, July 25th. Finally, Paradigm Capital raised shares of Teck Resources to a “moderate buy” rating in a report on Friday, July 26th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Teck Resources has an average rating of “Moderate Buy” and a consensus target price of $65.00.

Teck Resources Stock Performance

Shares of NYSE:TECK traded up $0.67 during mid-day trading on Friday, reaching $47.48. The company had a trading volume of 1,546,007 shares, compared to its average volume of 3,437,199. The company has a current ratio of 1.48, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. The firm has a market cap of $24.03 billion, a price-to-earnings ratio of 23.23 and a beta of 1.02. The company’s 50-day moving average price is $48.76 and its 200-day moving average price is $48.73. Teck Resources has a one year low of $34.38 and a one year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. The company had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. Teck Resources’s revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 EPS. As a group, equities research analysts anticipate that Teck Resources will post 1.93 EPS for the current fiscal year.

Institutional Trading of Teck Resources

Hedge funds have recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC bought a new stake in Teck Resources in the first quarter worth $485,000. Vanguard Group Inc. lifted its stake in Teck Resources by 1.8% in the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock worth $765,493,000 after purchasing an additional 290,034 shares during the last quarter. Country Club Bank bought a new stake in Teck Resources in the second quarter worth $1,747,000. Quattro Financial Advisors LLC bought a new stake in Teck Resources in the first quarter worth $927,000. Finally, Atria Investments Inc bought a new stake in Teck Resources in the first quarter worth $1,141,000. 78.06% of the stock is owned by institutional investors.

Teck Resources Company Profile

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.