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

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price upped by equities research analysts at JPMorgan Chase & Co. from $44.00 to $50.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 5.71% from the stock’s current price.

Several other analysts have also recently weighed in on the company. Benchmark lifted their price objective on Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Teck Resources in a research report on Thursday, April 11th. Finally, UBS Group started coverage on Teck Resources in a research report on Tuesday, January 16th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.04.

Teck Resources Trading Up 0.4 %

Shares of NYSE TECK traded up $0.17 during trading hours on Wednesday, hitting $47.30. The company’s stock had a trading volume of 3,493,135 shares, 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 stock has a market cap of $24.15 billion, a price-to-earnings ratio of 13.80, a P/E/G ratio of 6.49 and a beta of 1.15. Teck Resources has a 12 month low of $34.38 and a 12 month high of $50.46. The business has a 50-day simple moving average of $42.42 and a 200-day simple moving average of $40.02.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted 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. The company had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.11 billion. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. On average, analysts anticipate that Teck Resources will post 3.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Teck Resources

A number of hedge funds have recently added to or reduced their stakes in TECK. Bornite Capital Management LP purchased a new position in Teck Resources in the 1st quarter worth approximately $14,136,000. Raymond James Financial Services Advisors Inc. raised its holdings in Teck Resources by 8.2% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 39,024 shares of the basic materials company’s stock worth $1,576,000 after acquiring an additional 2,966 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Teck Resources by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 527,062 shares of the basic materials company’s stock worth $21,288,000 after acquiring an additional 3,812 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Teck Resources by 10.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 17,270 shares of the basic materials company’s stock worth $698,000 after acquiring an additional 1,591 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Teck Resources by 4.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,067 shares of the basic materials company’s stock worth $327,000 after acquiring an additional 341 shares during the last quarter. 78.06% of the stock is currently owned by hedge funds and other 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.