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

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK had its price objective dropped by equities research analysts at JPMorgan Chase & Co. from $57.00 to $55.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the basic materials company's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 16.16% from the stock's previous close.

Several other equities analysts also recently weighed in on the stock. Eight Capital downgraded shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 11th. BMO Capital Markets assumed coverage on Teck Resources in a research report on Monday, July 15th. They set an "outperform" rating on the stock. CIBC lifted their price target on Teck Resources from $70.00 to $80.00 and gave the company an "outperformer" rating in a research report on Friday, July 12th. UBS Group raised Teck Resources from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $76.00 to $78.00 in a report on Wednesday, September 4th. Finally, TD Securities upgraded Teck Resources to a "strong-buy" rating in a research note on Tuesday, July 16th. Four 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 stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $65.00.

Teck Resources Trading Up 1.2 %

Shares of NYSE TECK traded up $0.54 during midday trading on Friday, reaching $47.35. The stock had a trading volume of 2,830,714 shares, compared to its average volume of 3,444,022. 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 twelve month low of $34.38 and a twelve month high of $55.13. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. The firm has a market cap of $24.19 billion, a price-to-earnings ratio of 20.95 and a beta of 1.02.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share 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 analyst estimates of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. Teck Resources's revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. As a group, sell-side analysts expect that Teck Resources will post 1.93 EPS for the current year.

Institutional Investors Weigh In On Teck Resources

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Teck Resources by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company's stock valued at $765,493,000 after acquiring an additional 290,034 shares during the period. Janus Henderson Group PLC grew its holdings in Teck Resources by 2.4% during the 1st quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company's stock valued at $394,178,000 after buying an additional 203,607 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of Teck Resources by 1.4% during the second quarter. CIBC Asset Management Inc now owns 6,330,121 shares of the basic materials company's stock valued at $303,161,000 after buying an additional 90,089 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Teck Resources by 7.3% during the second quarter. Principal Financial Group Inc. now owns 6,103,740 shares of the basic materials company's stock valued at $292,441,000 after buying an additional 416,070 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of Teck Resources by 10.3% in the second quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company's stock worth $280,655,000 after buying an additional 546,801 shares in the last quarter. 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.