Teck Resources (NYSE:TECK) Given New $46.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan cut its price target on Teck Resources from $48 to $46 and kept a neutral rating, implying about 18.19% downside from the previous close.
• Other analysts have been mixed on the stock, with several maintaining or downgrading to Hold while a few still rate it Buy. Overall, MarketBeat shows an average rating of Hold and an average price target of $59.83.
• Teck Resources shares were down 3.7% and opened at $56.23; the company has a market cap of about $27.15 billion and operates across copper, metallurgical coal, and zinc businesses.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK had its price target cut by investment analysts at JPMorgan Chase & Co. from $48.00 to $46.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the basic materials company's stock. JPMorgan Chase & Co.'s price target suggests a potential downside of 18.19% from the company's previous close.

A number of other research firms also recently weighed in on TECK. TD Securities restated a "hold" rating on shares of Teck Resources in a research report on Friday, April 24th. Zacks Research cut Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 22nd. Wall Street Zen raised Teck Resources to a "buy" rating in a research note on Saturday, May 16th. Veritas lowered Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 4th. Finally, Weiss Ratings raised Teck Resources from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, April 24th. Five research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company's stock. According to data from MarketBeat, Teck Resources has an average rating of "Hold" and an average price target of $59.83.

Teck Resources Trading Down 3.7%

Teck Resources stock opened at $56.23 on Thursday. The firm has a 50 day simple moving average of $62.41 and a 200-day simple moving average of $56.63. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.83 and a quick ratio of 2.16. The stock has a market capitalization of $27.15 billion, a PE ratio of 20.60, a price-to-earnings-growth ratio of 3.44 and a beta of 0.92. Teck Resources has a 12-month low of $30.98 and a 12-month high of $71.25.

Institutional Investors Weigh In On Teck Resources

Several large investors have recently modified their holdings of TECK. Brown Brothers Harriman & Co. acquired a new stake in shares of Teck Resources during the fourth quarter worth $25,000. Blue Trust Inc. increased its stake in Teck Resources by 411.8% in the 1st quarter. Blue Trust Inc. now owns 563 shares of the basic materials company's stock worth $29,000 after purchasing an additional 453 shares in the last quarter. Geneos Wealth Management Inc. raised 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 worth $29,000 after buying an additional 303 shares during the period. Oslo Pensjonsforsikring AS acquired a new stake in Teck Resources during the 1st quarter worth about $83,000. Finally, Versant Capital Management Inc lifted its stake in Teck Resources by 86.5% during the second quarter. Versant Capital Management Inc now owns 1,587 shares of the basic materials company's stock valued at $94,000 after buying an additional 736 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

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.

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