Teck Resources (TSE:TECK.B) Reaches New 1-Year High Following Analyst Upgrade

Teck Resources Ltd (TSE:TECK.B)’s share price 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 changing hands. The stock had previously closed at C$72.65.

TECK.B has been the subject of several other reports. TD Securities cut Teck Resources from a “buy” rating to a “hold” rating and raised their price objective for the stock from C$70.00 to C$76.00 in a research note on Thursday, January 22nd. Stifel Nicolaus increased their price objective on Teck Resources from C$60.00 to C$65.00 in a research note on Tuesday, October 21st. Jefferies Financial Group boosted their price objective on Teck Resources from C$71.00 to C$80.00 in a research note on Monday, January 12th. Scotiabank increased their price target on shares of Teck Resources from C$60.00 to C$70.00 and gave the company a “sector perform” rating in a research note on Thursday, January 8th. Finally, National Bankshares cut Teck Resources from an “outperform” rating to a “sector perform” rating and increased their price target for the stock from C$62.50 to C$65.00 in a report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of C$66.69.

Teck Resources Trading Up 2.1%

The stock has a market capitalization of C$37.42 billion, a PE ratio of 30.78, a P/E/G ratio of -0.38 and a beta of 2.03. The company has a quick ratio of 0.97, a current ratio of 1.48 and a debt-to-equity ratio of 37.46. The business’s fifty day moving average is C$64.69 and its 200-day moving average is C$57.30.

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%.