Teck Resources (NYSE:TECK) Price Target Cut to $51.00 by Analysts at JPMorgan Chase & Co.

Teck Resources (NYSE:TECK - Free Report) TSE: TECK had its price target cut by JPMorgan Chase & Co. from $55.00 to $51.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have an overweight rating on the basic materials company's stock.

A number of other brokerages have also recently weighed in on TECK. StockNews.com upgraded shares of Teck Resources from a "sell" rating to a "hold" rating in a research note on Thursday, October 24th. UBS Group lowered shares of Teck Resources from a "buy" rating to a "neutral" rating in a research report on Monday, November 11th. National Bank Financial downgraded Teck Resources from an "outperform" rating to a "sector perform" rating in a research report on Tuesday, December 10th. Citigroup raised Teck Resources to a "hold" rating in a research report on Wednesday, October 2nd. Finally, Scotiabank raised their target price on Teck Resources from $78.00 to $79.00 and gave the company a "sector outperform" rating in a report on Tuesday, October 8th. Six investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $64.71.

Teck Resources Stock Down 0.8 %

NYSE:TECK traded down $0.36 during trading hours on Thursday, reaching $42.43. The company's stock had a trading volume of 5,022,460 shares, compared to its average volume of 2,520,296. Teck Resources has a one year low of $36.50 and a one year high of $55.13. The business's 50-day moving average is $44.02 and its 200-day moving average is $46.72. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The company has a market cap of $21.27 billion, a price-to-earnings ratio of 64.28 and a beta of 1.05.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same quarter in the prior year, the firm posted $0.57 EPS. The firm's revenue for the quarter was down 20.6% on a year-over-year basis. Equities research analysts predict that Teck Resources will post 1.7 EPS for the current year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid a $0.0895 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date was Friday, December 13th. Teck Resources's dividend payout ratio is 53.03%.

Institutional Trading of Teck Resources

Several institutional investors have recently made changes to their positions in TECK. Eastern Bank acquired a new stake in Teck Resources during the third quarter valued at approximately $39,000. Wilmington Savings Fund Society FSB acquired a new stake in Teck Resources in the 3rd quarter valued at $40,000. Bruce G. Allen Investments LLC grew its position in Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company's stock valued at $46,000 after acquiring an additional 383 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in Teck Resources by 69.7% during the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company's stock worth $52,000 after acquiring an additional 409 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Teck Resources by 178.2% during the third quarter. Blue Trust Inc. now owns 2,927 shares of the basic materials company's stock valued at $140,000 after acquiring an additional 1,875 shares during the period. 78.06% of the stock is currently 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.