JPMorgan Chase & Co. Boosts Teck Resources (NYSE:TECK) Price Target to $50.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price objective raised by equities researchers at JPMorgan Chase & Co. from $44.00 to $50.00 in a research report issued on Wednesday, 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 5.71% from the stock’s current price.

TECK has been the topic of several other reports. UBS Group initiated coverage on Teck Resources in a report on Tuesday, January 16th. They issued a “buy” rating on the stock. Morgan Stanley reiterated an “overweight” rating and set a $55.00 target price on shares of Teck Resources in a research report on Thursday, April 11th. Finally, Benchmark increased their target price on Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $65.04.

Teck Resources Stock Performance

Shares of Teck Resources stock traded up $0.17 during trading on Wednesday, hitting $47.30. 3,493,135 shares of the company’s stock were exchanged, compared to its average volume of 3,953,538. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.60 and a current ratio of 1.10. The business has a 50-day simple moving average of $42.42 and a 200-day simple moving average of $40.02. Teck Resources has a 52-week low of $34.38 and a 52-week high of $50.46. The stock has a market capitalization of $24.15 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 6.49 and a beta of 1.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.01. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%. The firm had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3.11 billion. On average, research analysts forecast that Teck Resources will post 3.55 EPS for the current year.

Institutional Trading of Teck Resources

A number of hedge funds and other institutional investors have recently modified their holdings of TECK. Norges Bank acquired a new stake in shares of Teck Resources during the 4th quarter worth about $291,283,000. FIL Ltd increased its position in shares of Teck Resources by 98.8% during the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after purchasing an additional 5,933,226 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Teck Resources by 1,833.3% during the 2nd quarter. Alliancebernstein L.P. now owns 3,234,380 shares of the basic materials company’s stock worth $136,167,000 after purchasing an additional 3,067,080 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Teck Resources by 16,855.2% during the 4th quarter. Principal Financial Group Inc. now owns 2,640,100 shares of the basic materials company’s stock worth $112,143,000 after purchasing an additional 2,624,529 shares during the last quarter. Finally, Boston Partners increased its position in shares of Teck Resources by 28.8% during the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock worth $484,995,000 after purchasing an additional 2,432,378 shares during the last quarter. 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.