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

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price raised by JPMorgan Chase & Co. from $43.00 to $51.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 11.17% from the stock’s current price.

A number of other analysts have also recently commented on TECK. Canaccord Genuity Group cut shares of Teck Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $46.00 price objective on shares of Teck Resources in a research note on Wednesday, November 26th. Raymond James Financial restated an “outperform” rating on shares of Teck Resources in a research report on Friday, October 10th. Benchmark reiterated a “buy” rating on shares of Teck Resources in a report on Thursday, October 23rd. Finally, Weiss Ratings raised Teck Resources from a “sell (d+)” rating to a “hold (c)” rating in a research note on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Teck Resources currently has an average rating of “Hold” and an average target price of $55.71.

Teck Resources Trading Up 2.2%

NYSE:TECK traded up $0.99 on Friday, reaching $45.87. 2,161,321 shares of the stock traded hands, compared to its average volume of 4,174,264. The company has a current ratio of 2.78, a quick ratio of 2.08 and a debt-to-equity ratio of 0.15. Teck Resources has a 1-year low of $28.32 and a 1-year high of $47.85. The company’s 50 day moving average is $42.54 and its 200-day moving average is $38.73. The firm has a market capitalization of $22.05 billion, a price-to-earnings ratio of 25.84, a price-to-earnings-growth ratio of 0.63 and a beta of 0.83.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Wednesday, October 22nd. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.16. Teck Resources had a net margin of 11.93% and a return on equity of 4.14%. The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same period in the prior year, the firm posted $0.60 EPS. The company’s quarterly revenue was up 18.4% on a year-over-year basis. Equities research analysts anticipate that Teck Resources will post 1.53 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc bought a new stake in shares of Teck Resources during the third quarter valued at approximately $26,000. Smartleaf Asset Management LLC raised its position in shares of Teck Resources by 69.2% during the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 350 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Teck Resources in the 2nd quarter worth $49,000. SouthState Bank Corp acquired a new stake in Teck Resources in the 3rd quarter valued at $50,000. Finally, MassMutual Private Wealth & Trust FSB grew its position in Teck Resources by 102.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the basic materials company’s stock valued at $53,000 after purchasing an additional 668 shares during the period. Institutional investors own 78.06% of the company’s stock.

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.