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

Teck Resources (NYSE:TECK) (TSE:TECK) had its price objective lifted by JPMorgan Chase & Co. from $44.00 to $50.00 in a research note released on Wednesday, Benzinga reports. The firm currently has an overweight rating on the basic materials company’s stock.

Several other equities analysts have also issued reports on the company. Benchmark upped their price target on Teck Resources from $50.00 to $52.00 and gave the company a buy rating in a research note on Monday, April 8th. Morgan Stanley reaffirmed an overweight rating and issued a $55.00 target price on shares of Teck Resources in a research note on Thursday, April 11th. Finally, UBS Group assumed coverage on shares of Teck Resources in a research note on Tuesday, January 16th. They set a buy rating for the company. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $64.36.

Teck Resources Trading Down 1.2 %

Shares of NYSE TECK opened at $47.13 on Wednesday. Teck Resources has a 1-year low of $34.38 and a 1-year high of $50.46. The company has a 50-day moving average of $42.99 and a two-hundred day moving average of $40.16. The company has a market cap of $24.06 billion, a PE ratio of 13.74, a P/E/G ratio of 6.64 and a beta of 1.15. The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.01. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%. The firm had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3.11 billion. As a group, equities analysts expect that Teck Resources will post 3.43 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 0.79%. The ex-dividend date was Thursday, March 14th. Teck Resources’s dividend payout ratio (DPR) is 10.79%.

Institutional Trading of Teck Resources

Several hedge funds have recently added to or reduced their stakes in the business. Maryland State Retirement & Pension System increased its stake in Teck Resources by 1.8% during the 1st quarter. Maryland State Retirement & Pension System now owns 48,111 shares of the basic materials company’s stock worth $2,267,000 after purchasing an additional 864 shares in the last quarter. Tradewinds Capital Management LLC acquired a new position in shares of Teck Resources in the first quarter valued at approximately $114,000. Quattro Financial Advisors LLC bought a new stake in shares of Teck Resources during the first quarter worth $927,000. Hexagon Capital Partners LLC raised its holdings in shares of Teck Resources by 143.0% during the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 386 shares during the period. Finally, 180 Wealth Advisors LLC acquired a new stake in shares of Teck Resources during the first quarter worth $223,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.