Desjardins Forecasts Strong Price Appreciation for Teck Resources (TSE:TECK.B) Stock

Teck Resources (TSE:TECK.B) had its target price increased by equities research analysts at Desjardins from C$65.00 to C$74.00 in a note issued to investors on Monday,BayStreet.CA reports. The firm currently has a “hold” rating on the stock. Desjardins’ price objective indicates a potential downside of 3.46% from the stock’s previous close.

Several other analysts have also issued reports on the stock. Scotiabank upped their target price on shares of Teck Resources from C$60.00 to C$70.00 and gave the stock a “sector perform” rating in a research note on Thursday, January 8th. JPMorgan Chase & Co. boosted their price target on shares of Teck Resources from C$56.00 to C$60.00 in a report on Thursday, October 9th. Stifel Nicolaus upped their price objective on shares of Teck Resources from C$60.00 to C$65.00 in a research report on Tuesday, October 21st. Citigroup increased their price objective on shares of Teck Resources from C$55.00 to C$60.00 and gave the company a “neutral” rating in a research note on Wednesday, October 8th. Finally, Raymond James Financial cut their target price on Teck Resources from C$64.00 to C$63.00 in a research note on Friday, October 10th. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of C$66.69.

Teck Resources Trading Up 2.1%

Shares of Teck Resources stock opened at C$76.65 on Monday. The company has a market capitalization of C$37.42 billion, a P/E ratio of 30.78, a price-to-earnings-growth ratio of -0.38 and a beta of 2.03. The stock has a fifty day simple moving average of C$64.69 and a 200 day simple moving average of C$57.30. Teck Resources has a 12-month low of C$40.23 and a 12-month high of C$76.83. The company has a current ratio of 1.48, a quick ratio of 0.97 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%.