JPMorgan Chase & Co. Issues Pessimistic Forecast for Teck Resources (NYSE:TECK) Stock Price

Teck Resources (NYSE:TECK) (TSE:TECK) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $55.00 to $51.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 18.10% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft downgraded Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a report on Friday, October 25th. National Bank Financial downgraded shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Citigroup upgraded shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. StockNews.com upgraded shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Scotiabank boosted their price target on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, October 8th. Six analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Teck Resources currently has a consensus rating of “Moderate Buy” and an average target price of $64.71.

Teck Resources Stock Up 1.9 %

Shares of TECK stock opened at $43.19 on Thursday. The firm’s fifty day moving average price is $43.74 and its two-hundred day moving average price is $46.66. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources has a 1 year low of $36.50 and a 1 year high of $55.13. The firm has a market capitalization of $21.54 billion, a P/E ratio of 65.43 and a beta of 1.05.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the previous year, the business earned $0.57 earnings per share. Teck Resources’s quarterly revenue was down 20.6% on a year-over-year basis. On average, equities analysts predict that Teck Resources will post 1.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Teck Resources

A number of large investors have recently made changes to their positions in the company. Global Trust Asset Management LLC acquired a new position in Teck Resources in the 4th quarter valued at $27,000. Eastern Bank acquired a new stake in shares of Teck Resources during the third quarter worth $39,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Teck Resources in the third quarter valued at about $40,000. Bruce G. Allen Investments LLC grew its stake in shares of Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after acquiring an additional 383 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its position in Teck Resources by 69.7% during the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 409 shares during the period. 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.