Teck Resources (TSE:TECK.B) Reaches New 12-Month High on Analyst Upgrade

Teck Resources Ltd (TSE:TECK.B) hit a new 52-week high on Tuesday after Desjardins raised their price target on the stock from C$65.00 to C$74.00. Desjardins currently has a hold rating on the stock. Teck Resources traded as high as C$76.55 and last traded at C$75.10, with a volume of 1364923 shares traded. The stock had previously closed at C$72.65.

Other equities analysts have also recently issued reports about the company. Stifel Nicolaus increased their price target on Teck Resources from C$60.00 to C$65.00 in a report on Tuesday, October 21st. JPMorgan Chase & Co. increased their target price on Teck Resources from C$56.00 to C$60.00 in a report on Thursday, October 9th. Citigroup raised their target price on Teck Resources from C$55.00 to C$60.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 8th. National Bankshares downgraded Teck Resources from an “outperform” rating to a “sector perform” rating and boosted their price target for the company from C$62.50 to C$65.00 in a research note on Wednesday, October 8th. Finally, Raymond James Financial lowered their price objective on shares of Teck Resources from C$64.00 to C$63.00 in a research note on Friday, October 10th. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Teck Resources has a consensus rating of “Hold” and an average price target of C$66.69.

Teck Resources Stock Performance

The company has a current ratio of 1.48, a quick ratio of 0.97 and a debt-to-equity ratio of 37.46. The company has a market cap of C$37.65 billion, a P/E ratio of 30.97, a PEG ratio of -0.38 and a beta of 2.03. The business’s 50 day simple moving average is C$65.11 and its 200 day simple moving average is C$57.44.

About Teck Resources

Teck is a diversified miner with coal, copper, zinc, and oil sands operations in Canada, the United States, Chile, and Peru. Metallurgical coal is Teck’s primary commodity in terms of EBITDA contribution, closely followed by copper, with zinc and oil sands contributing smaller amounts to earnings. Teck ranks as the world’s second- largest exporter of seaborne metallurgical coal and is a top-three zinc miner. It is building a major new copper mine in Chile at the majority-owned Quebrada Blanca 2, in partnership with Sumitomo, which will increase Teck’s attributable copper production by around 80%.