Teck Resources (NYSE:TECK) Trading 9% Higher – Here’s Why

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) shares traded up 9% during mid-day trading on Tuesday . The company traded as high as $59.67 and last traded at $59.4570. 3,094,915 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 4,672,590 shares. The stock had previously closed at $54.56.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TECK. JPMorgan Chase & Co. upped their target price on shares of Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a research report on Friday, December 5th. Canaccord Genuity Group cut shares of Teck Resources from a “buy” rating to a “hold” rating in a report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $46.00 target price on shares of Teck Resources in a report on Wednesday, November 26th. Citigroup upgraded Teck Resources from a “neutral” rating to a “buy” rating in a research note on Monday. Finally, Benchmark reaffirmed a “buy” rating on shares of Teck Resources in a research report on Thursday, October 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and thirteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $53.33.

Teck Resources Trading Down 4.4%

The stock has a market cap of $25.70 billion, a PE ratio of 30.02, a PEG ratio of 0.56 and a beta of 0.80. The company has a quick ratio of 2.08, a current ratio of 2.78 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average price is $48.86 and its 200 day moving average price is $42.19.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Versant Capital Management Inc bought a new stake in Teck Resources in the 3rd quarter worth about $26,000. Smartleaf Asset Management LLC boosted its holdings in shares of Teck Resources by 72.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 351 shares during the last quarter. SouthState Bank Corp bought a new stake in shares of Teck Resources in the third quarter worth approximately $50,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Teck Resources in the second quarter worth approximately $49,000. Finally, Tobam purchased a new position in shares of Teck Resources during the second quarter valued at approximately $62,000. 78.06% of the stock is owned by institutional investors.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.