Teck Resources (NYSE:TECK) Price Target Cut to $55.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price dropped by equities research analysts at JPMorgan Chase & Co. from $57.00 to $55.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 16.16% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Citigroup raised Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $76.00 to $78.00 in a research report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a report on Friday. TD Securities upgraded shares of Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. Finally, BMO Capital Markets initiated coverage on shares of Teck Resources in a research note on Monday, July 15th. They set an “outperform” rating on the stock. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Price Performance

Shares of NYSE TECK opened at $47.35 on Friday. The company has a current ratio of 1.48, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. The company’s 50-day moving average price is $48.73 and its 200 day moving average price is $48.73. Teck Resources has a 52 week low of $34.38 and a 52 week high of $55.13. The stock has a market cap of $24.19 billion, a price-to-earnings ratio of 20.95 and a beta of 1.02.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.47 by $0.32. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The business had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same period in the prior year, the business earned $0.91 earnings per share. The company’s quarterly revenue was up 10.1% on a year-over-year basis. As a group, research analysts forecast that Teck Resources will post 1.93 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in TECK. PNC Financial Services Group Inc. raised its holdings in shares of Teck Resources by 8.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,357 shares of the basic materials company’s stock worth $480,000 after purchasing an additional 865 shares during the period. 180 Wealth Advisors LLC purchased a new position in Teck Resources in the first quarter valued at approximately $223,000. Hexagon Capital Partners LLC lifted its position in Teck Resources by 143.0% during the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after buying an additional 386 shares in the last quarter. Quattro Financial Advisors LLC purchased a new stake in Teck Resources during the first quarter worth approximately $927,000. Finally, Tradewinds Capital Management LLC acquired a new stake in shares of Teck Resources in the first quarter worth $114,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

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.