JPMorgan Chase & Co. Raises Teck Resources (NYSE:TECK) Price Target to $46.00

Teck Resources (NYSE:TECK - Free Report) TSE: TECK had its price target lifted by JPMorgan Chase & Co. from $41.00 to $46.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the basic materials company's stock.

Several other brokerages have also weighed in on TECK. National Bank Financial upgraded shares of Teck Resources from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 24th. UBS Group restated a "neutral" rating on shares of Teck Resources in a report on Tuesday, April 15th. National Bankshares upgraded shares of Teck Resources from a "sector perform" rating to an "outperform" rating in a report on Thursday, April 24th. Desjardins began coverage on shares of Teck Resources in a research note on Friday, April 4th. They issued a "buy" rating for the company. Finally, Stifel Nicolaus began coverage on shares of Teck Resources in a research note on Wednesday. They issued a "hold" rating for the company. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $65.25.

Teck Resources Price Performance

Shares of TECK stock traded up $0.30 during trading hours on Wednesday, reaching $38.74. 5,157,727 shares of the company were exchanged, compared to its average volume of 3,254,352. Teck Resources has a fifty-two week low of $28.32 and a fifty-two week high of $54.13. The stock's fifty day moving average is $37.87 and its two-hundred day moving average is $38.85. The company has a market cap of $18.71 billion, a price-to-earnings ratio of 66.80, a P/E/G ratio of 0.58 and a beta of 0.80. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.36 and a quick ratio of 2.57.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.18. Teck Resources had a net margin of 3.48% and a return on equity of 4.53%. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the business earned $0.75 earnings per share. Teck Resources's quarterly revenue was up 41.4% on a year-over-year basis. Sell-side analysts forecast that Teck Resources will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a dividend of $0.0901 per share. This is an increase from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.36 annualized dividend and a dividend yield of 0.93%. Teck Resources's dividend payout ratio is currently 62.07%.

Institutional Investors Weigh In On Teck Resources

Several large investors have recently made changes to their positions in the stock. Norges Bank bought a new position in Teck Resources in the fourth quarter valued at $470,101,000. Principal Financial Group Inc. grew its position in Teck Resources by 56.9% in the first quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company's stock valued at $419,970,000 after purchasing an additional 4,180,623 shares in the last quarter. Canoe Financial LP bought a new position in Teck Resources in the second quarter valued at $97,536,000. Arrowstreet Capital Limited Partnership bought a new position in Teck Resources in the fourth quarter valued at $65,197,000. Finally, Temasek Holdings Private Ltd grew its position in Teck Resources by 125.8% in the first quarter. Temasek Holdings Private Ltd now owns 2,479,555 shares of the basic materials company's stock valued at $90,330,000 after purchasing an additional 1,381,355 shares in the last quarter. 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.