Teck Resources (NYSE:TECK) Given New $48.00 Price Target at JPMorgan Chase & Co.

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price upped by JPMorgan Chase & Co. from $45.00 to $48.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 17.67% from the company’s previous close.

A number of other equities research analysts also recently commented on TECK. TD Securities reaffirmed a “hold” rating on shares of Teck Resources in a report on Friday, April 24th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $62.00 price objective on shares of Teck Resources in a research report on Wednesday, April 15th. Weiss Ratings upgraded Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, April 24th. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research report on Tuesday, April 14th. Finally, Zacks Research cut Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and thirteen have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $59.17.

Teck Resources Stock Down 0.2%

Shares of TECK stock traded down $0.13 during trading hours on Friday, reaching $58.30. 1,522,193 shares of the company’s stock were exchanged, compared to its average volume of 4,184,358. Teck Resources has a 1 year low of $30.98 and a 1 year high of $63.26. The stock has a market cap of $28.10 billion, a PE ratio of 21.36, a PEG ratio of 2.91 and a beta of 0.85. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. The stock’s fifty day moving average price is $54.53 and its two-hundred day moving average price is $49.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.39. Teck Resources had a return on equity of 7.94% and a net margin of 14.91%.The business had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The company’s revenue was up 9.8% on a year-over-year basis. Research analysts predict that Teck Resources will post 2.59 EPS for the current year.

Hedge Funds Weigh In On Teck Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Teck Resources by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock worth $966,370,000 after buying an additional 278,481 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Teck Resources by 11.6% during the fourth quarter. Principal Financial Group Inc. now owns 18,832,299 shares of the basic materials company’s stock worth $902,769,000 after buying an additional 1,953,070 shares during the last quarter. Davis Selected Advisers boosted its stake in Teck Resources by 9.0% during the fourth quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock worth $575,620,000 after buying an additional 995,947 shares during the last quarter. Hancock Prospecting Pty Ltd boosted its stake in Teck Resources by 31.7% during the fourth quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock worth $493,185,000 after buying an additional 2,477,344 shares during the last quarter. Finally, Norges Bank acquired a new position in Teck Resources during the fourth quarter worth $404,880,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.