JPMorgan Chase & Co. Boosts Teck Resources (NYSE:TECK) Price Target to $50.00

Teck Resources (NYSE:TECK) (TSE:TECK) had its price target lifted by JPMorgan Chase & Co. from $44.00 to $50.00 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 analysts also recently commented on TECK. Morgan Stanley reissued an overweight rating and issued a $55.00 price objective on shares of Teck Resources in a research note on Thursday, April 11th. UBS Group began coverage on Teck Resources in a research note on Tuesday, January 16th. They issued a buy rating for the company. Finally, Benchmark increased their price objective on Teck Resources from $50.00 to $52.00 and gave the stock a buy rating in a research note on Monday, April 8th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $65.04.

Teck Resources Stock Up 0.1 %

Shares of Teck Resources stock opened at $47.20 on Wednesday. Teck Resources has a one year low of $34.38 and a one year high of $50.46. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.10 and a quick ratio of 0.60. The stock’s 50-day moving average is $42.60 and its 200 day moving average is $40.07. The firm has a market cap of $24.10 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 6.49 and a beta of 1.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.01. The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.11 billion. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. Equities research analysts anticipate that Teck Resources will post 3.51 EPS for the current year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.0925 dividend. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date of this dividend was Thursday, March 14th. Teck Resources’s payout ratio is currently 10.79%.

Hedge Funds Weigh In On Teck Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Teck Resources by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 16,431,096 shares of the basic materials company’s stock worth $694,542,000 after purchasing an additional 457,592 shares in the last quarter. FIL Ltd lifted its stake in shares of Teck Resources by 98.8% in the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after acquiring an additional 5,933,226 shares during the last quarter. Boston Partners lifted its stake in shares of Teck Resources by 28.8% in the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock valued at $484,995,000 after acquiring an additional 2,432,378 shares during the last quarter. Norges Bank bought a new stake in shares of Teck Resources in the 4th quarter valued at about $291,283,000. Finally, Mackenzie Financial Corp lifted its stake in shares of Teck Resources by 45.7% in the 4th quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock valued at $280,491,000 after acquiring an additional 2,080,295 shares during the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

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.