JPMorgan Chase & Co. Boosts Teck Resources (NYSE:TECK) Price Target to $57.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price hoisted by JPMorgan Chase & Co. from $54.00 to $57.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the basic materials company’s stock.

TECK has been the subject of several other reports. CIBC upped their target price on shares of Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday, July 12th. TD Securities upgraded shares of Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. UBS Group upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating and upped their target price for the stock from $76.00 to $78.00 in a research report on Wednesday, September 4th. Morgan Stanley upped their price target on shares of Teck Resources from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, June 21st. Finally, StockNews.com upgraded shares of Teck Resources from a “sell” rating to a “hold” rating in a research report on Monday, October 7th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Teck Resources currently has an average rating of “Moderate Buy” and a consensus target price of $67.43.

Teck Resources Trading Up 0.4 %

Teck Resources stock opened at $50.52 on Tuesday. The stock has a market cap of $25.81 billion, a P/E ratio of 22.35 and a beta of 1.02. Teck Resources has a fifty-two week low of $34.38 and a fifty-two week high of $55.13. The firm’s fifty day moving average price is $48.51 and its 200-day moving average price is $48.64. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.32. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The company had revenue of $3.87 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same period in the previous year, the business earned $0.91 earnings per share. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. Equities research analysts forecast that Teck Resources will post 2 earnings per share for the current fiscal year.

Institutional Trading of Teck Resources

A number of institutional investors have recently modified their holdings of TECK. Hexagon Capital Partners LLC boosted its holdings in shares of Teck Resources by 143.0% during the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 386 shares during the period. Creekmur Asset Management LLC purchased a new stake in shares of Teck Resources during the fourth quarter worth about $35,000. Headlands Technologies LLC purchased a new stake in shares of Teck Resources during the second quarter worth about $38,000. Bruce G. Allen Investments LLC boosted its holdings in shares of Teck Resources by 77.4% during the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 383 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after purchasing an additional 898 shares during the period. 78.06% of the stock is currently owned by hedge funds and other 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.