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

Key Points

• JPMorgan raised Teck Resources’ price target from $46 to $47 while maintaining a “neutral” rating; the target implied 17.95% downside from the prior close.
• Analyst sentiment remains mixed, with five Buy ratings and eight Hold ratings producing a consensus “Hold” rating and average price target of $62.25.
• Teck shares fell 4.1% to $57.28 in Tuesday trading. Institutional investors own approximately 78.06% of the company’s stock.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK had its target price raised by equities researchers at JPMorgan Chase & Co. from $46.00 to $47.00 in a note issued to investors on Tuesday,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 downside of 17.95% from the stock's previous close.

TECK has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft increased their price target on Teck Resources from $64.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. Veritas lowered shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 4th. TD Securities restated a "hold" rating on shares of Teck Resources in a report on Friday, April 24th. Scotiabank reaffirmed a "sector perform" rating on shares of Teck Resources in a research note on Monday, June 15th. Finally, Raymond James Financial upgraded shares of Teck Resources from a "market perform" rating to an "outperform" rating in a report on Thursday. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Teck Resources has a consensus rating of "Hold" and an average price target of $62.25.

Teck Resources Trading Down 4.1%

Shares of NYSE:TECK traded down $2.46 during mid-day trading on Tuesday, hitting $57.28. The company had a trading volume of 382,169 shares, compared to its average volume of 3,795,301. The company has a market capitalization of $27.67 billion, a PE ratio of 15.60, a price-to-earnings-growth ratio of 1.78 and a beta of 0.92. Teck Resources has a one year low of $30.98 and a one year high of $71.25. The firm has a fifty day moving average price of $61.45 and a 200 day moving average price of $57.60. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.83 and a quick ratio of 2.16.

Institutional Trading of Teck Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Welch Group LLC increased its stake in Teck Resources by 3.5% during the 4th quarter. Welch Group LLC now owns 5,899 shares of the basic materials company's stock valued at $283,000 after purchasing an additional 199 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in Teck Resources by 117.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company's stock valued at $29,000 after buying an additional 303 shares in the last quarter. Compound Planning Inc. grew its holdings in shares of Teck Resources by 1.0% in the fourth quarter. Compound Planning Inc. now owns 32,266 shares of the basic materials company's stock valued at $1,545,000 after purchasing an additional 333 shares in the last quarter. 44 Wealth Management LLC lifted its position in Teck Resources by 1.3% in the fourth quarter. 44 Wealth Management LLC now owns 31,488 shares of the basic materials company's stock worth $1,508,000 after buying an additional 411 shares during the last quarter. Finally, NewEdge Advisors LLC grew its position in Teck Resources by 5.5% in the 3rd quarter. NewEdge Advisors LLC now owns 8,635 shares of the basic materials company's stock valued at $379,000 after acquiring an additional 452 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Company Profile

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.

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