Teck Resources (TSE:TECK.B) Sets New 52-Week High – Still a Buy?

Teck Resources Ltd (TSE:TECK.B) shares reached a new 52-week high during trading on Wednesday . The company traded as high as C$72.63 and last traded at C$72.55, with a volume of 896254 shares. The stock had previously closed at C$69.14.

Wall Street Analyst Weigh In

A number of research firms recently commented on TECK.B. National Bankshares lowered Teck Resources from an “outperform” rating to a “sector perform” rating and increased their price objective for the company from C$62.50 to C$65.00 in a research note on Wednesday, October 8th. Citigroup increased their price target on Teck Resources from C$55.00 to C$60.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. boosted their target price on shares of Teck Resources from C$56.00 to C$60.00 in a report on Thursday, October 9th. TD Securities upped their price target on Teck Resources from C$63.00 to C$70.00 in a research note on Tuesday, October 21st. Finally, Jefferies Financial Group boosted their target price on Teck Resources from C$71.00 to C$80.00 in a report on Monday. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of C$65.00.

Teck Resources Stock Performance

The company has a market capitalization of C$35.37 billion, a price-to-earnings ratio of 29.09, a P/E/G ratio of -0.38 and a beta of 2.03. The stock has a 50 day simple moving average of C$61.89 and a 200 day simple moving average of C$56.05. The company has a quick ratio of 0.97, a current ratio of 1.48 and a debt-to-equity ratio of 37.46.

Teck Resources Company Profile

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%.