JPMorgan Chase & Co. Boosts Teck Resources (NYSE:TECK) Price Target to $43.00

Key Points

• JPMorgan Chase & Co. has raised its price target for Teck Resources from $41.00 to $43.00, maintaining a "neutral" rating despite it suggesting a potential downside of 1.84% from the recent closing price.
• Multiple brokerages have recently updated their ratings on Teck Resources, with CIBC downgrading to "neutral," while Deutsche Bank upgraded to "buy" with a price target of $42.00.
• Teck Resources reported earnings of $0.27 per share, exceeding estimates, but the revenue of $1.49 billion fell short of the $2.25 billion expectation.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK had its target price increased by equities researchers at JPMorgan Chase & Co. from $41.00 to $43.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the basic materials company's stock. JPMorgan Chase & Co.'s target price suggests a potential downside of 1.84% from the stock's previous close.

Several other brokerages have also recently commented on TECK. CIBC cut Teck Resources from a "sector outperform" rating to a "neutral" rating in a report on Friday, July 25th. Stifel Canada upgraded Teck Resources to a "hold" rating in a research note on Tuesday, July 8th. Wall Street Zen raised Teck Resources from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Cibc World Mkts cut Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft upgraded Teck Resources from a "hold" rating to a "buy" rating and set a $42.00 price objective on the stock in a research report on Monday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $54.00.

Teck Resources Stock Performance

Shares of TECK stock opened at $43.81 on Thursday. The stock has a market cap of $21.04 billion, a PE ratio of 115.28, a price-to-earnings-growth ratio of 0.53 and a beta of 0.92. Teck Resources has a one year low of $28.32 and a one year high of $51.58. The stock has a 50-day moving average of $36.61 and a 200-day moving average of $36.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.45.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.07. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The business had revenue of $1.49 billion during the quarter, compared to analysts' expectations of $2.25 billion. During the same period last year, the business earned $0.79 earnings per share. The firm's revenue was up 12.3% on a year-over-year basis. As a group, sell-side analysts expect that Teck Resources will post 1.53 earnings per share for the current year.

Institutional Trading of Teck Resources

Institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC raised its position in Teck Resources by 69.2% in the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 350 shares during the period. Costello Asset Management INC purchased a new stake in shares of Teck Resources during the first quarter worth $33,000. Banque Cantonale Vaudoise purchased a new stake in shares of Teck Resources during the first quarter worth $36,000. Golden State Wealth Management LLC increased its position in shares of Teck Resources by 7,560.0% during the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock worth $42,000 after acquiring an additional 1,134 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Teck Resources during the second quarter worth $49,000. Hedge funds and other institutional investors 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.

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