JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Teck Resources (NYSE:TECK) Stock

by · The Cerbat Gem

Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) had its price target raised by investment analysts at JPMorgan Chase & Co. from $43.00 to $51.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 11.17% from the stock’s current price.

Several other brokerages also recently commented on TECK. Raymond James Financial restated an “outperform” rating on shares of Teck Resources in a research report on Friday, October 10th. Citigroup reiterated a “neutral” rating on shares of Teck Resources in a research note on Wednesday, October 8th. Benchmark reissued a “buy” rating on shares of Teck Resources in a report on Thursday, October 23rd. Veritas downgraded Teck Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Finally, Canaccord Genuity Group lowered Teck Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Teck Resources has an average rating of “Hold” and an average price target of $55.71.

Get Our Latest Stock Report on TECK

Teck Resources Price Performance

Teck Resources stock traded up $0.99 during trading hours on Friday, reaching $45.87. 2,161,321 shares of the stock were exchanged, compared to its average volume of 4,174,264. The company has a market cap of $22.05 billion, a P/E ratio of 25.84, a price-to-earnings-growth ratio of 0.63 and a beta of 0.83. 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 twelve month low of $28.32 and a twelve month high of $47.85. The stock has a 50 day moving average of $42.54 and a two-hundred day moving average of $38.73.

Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last issued its earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.93 billion. During the same period in the previous year, the company earned $0.60 EPS. The business’s revenue for the quarter was up 18.4% compared to the same quarter last year. Equities analysts expect that Teck Resources will post 1.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Teck Resources

Large investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in Teck Resources during the 2nd quarter worth approximately $437,657,000. Northwest & Ethical Investments L.P. increased its position in Teck Resources by 16.1% in the 2nd quarter. Northwest & Ethical Investments L.P. now owns 157,645 shares of the basic materials company’s stock valued at $6,402,000 after acquiring an additional 21,900 shares during the period. Swiss National Bank raised its stake in shares of Teck Resources by 6.0% during the second quarter. Swiss National Bank now owns 1,428,679 shares of the basic materials company’s stock valued at $57,555,000 after acquiring an additional 80,300 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Teck Resources by 6.9% during the second quarter. Franklin Resources Inc. now owns 368,585 shares of the basic materials company’s stock worth $14,897,000 after purchasing an additional 23,842 shares during the period. Finally, Drummond Knight Asset Management Pty Ltd grew its stake in shares of Teck Resources by 32.6% in the second quarter. Drummond Knight Asset Management Pty Ltd now owns 322,530 shares of the basic materials company’s stock worth $13,024,000 after purchasing an additional 79,302 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

Teck Resources Company Profile

(Get Free Report)

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.

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