Teck Resources (NYSE:TECK) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Teck Resources (NYSE:TECK) (TSE:TECK) had its price objective boosted by JPMorgan Chase & Co. from $41.00 to $43.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 2.62% from the stock’s previous close.

A number of other research analysts have also commented on TECK. Deutsche Bank Aktiengesellschaft raised Teck Resources from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a report on Monday, September 8th. Desjardins lowered Teck Resources from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Cibc World Mkts lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Stifel Canada raised Teck Resources to a “hold” rating in a report on Tuesday, July 8th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Teck Resources in a report on Wednesday, September 10th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $54.00.

Teck Resources Stock Performance

Shares of NYSE TECK opened at $41.90 on Thursday. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15. Teck Resources has a 12 month low of $28.32 and a 12 month high of $51.58. The stock has a 50 day moving average of $37.04 and a 200-day moving average of $36.62. The company has a market capitalization of $20.13 billion, a P/E ratio of 110.28, a P/E/G ratio of 0.56 and a beta of 0.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same period in the prior year, the firm posted $0.79 EPS. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. As a group, equities research analysts predict that Teck Resources will post 1.53 EPS for the current year.

Institutional Trading of Teck Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Smartleaf Asset Management LLC lifted its position in shares of Teck Resources by 69.2% during the 1st quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock worth $32,000 after buying an additional 350 shares during the last quarter. Costello Asset Management INC bought a new stake in shares of Teck Resources during the 1st quarter worth $33,000. Banque Cantonale Vaudoise bought a new stake in shares of Teck Resources during the 1st quarter worth $36,000. Golden State Wealth Management LLC lifted its position in shares of Teck Resources by 7,560.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company’s stock worth $42,000 after buying an additional 1,134 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Teck Resources during the 2nd quarter worth $49,000. 78.06% of the stock is currently owned by 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.