JPMorgan Chase & Co. Issues Pessimistic Forecast for Teck Resources (NYSE:TECK) Stock Price

Teck Resources (NYSE:TECK) (TSE:TECK) had its price target cut by equities research analysts at JPMorgan Chase & Co. from $55.00 to $51.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 18.10% from the company’s current price.

Several other research firms have also issued reports on TECK. UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Citigroup raised Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. National Bank Financial lowered Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft downgraded Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research report on Friday, October 25th. Finally, Scotiabank lifted their target price on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $64.71.

Teck Resources Stock Performance

NYSE:TECK opened at $43.19 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. Teck Resources has a fifty-two week low of $36.50 and a fifty-two week high of $55.13. The company has a market cap of $21.54 billion, a price-to-earnings ratio of 65.43 and a beta of 1.05. The stock has a fifty day moving average price of $43.74 and a 200-day moving average price of $46.66.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter in the prior year, the business posted $0.57 earnings per share. Teck Resources’s revenue was down 20.6% compared to the same quarter last year. As a group, equities analysts anticipate that Teck Resources will post 1.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TECK. Forest Avenue Capital Management LP boosted its position in Teck Resources by 3.7% during the 3rd quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company’s stock worth $37,661,000 after buying an additional 25,430 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Teck Resources during the third quarter worth $1,937,000. CIBC Asset Management Inc lifted its holdings in shares of Teck Resources by 2.6% during the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock worth $341,337,000 after purchasing an additional 165,759 shares during the period. Intech Investment Management LLC grew its stake in shares of Teck Resources by 20.9% in the third quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company’s stock worth $5,132,000 after purchasing an additional 16,981 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new stake in Teck Resources in the third quarter valued at $20,896,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.