Teck Resources (TSE:TECK.B) Sets New 52-Week High After Analyst Upgrade

Teck Resources Ltd (TSE:TECK.B)’s stock price hit a new 52-week high on Wednesday after CIBC raised their price target on the stock from C$61.00 to C$77.00. The company traded as high as C$82.18 and last traded at C$78.80, with a volume of 707316 shares traded. The stock had previously closed at C$80.76.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of Teck Resources from C$56.00 to C$60.00 in a research report on Thursday, October 9th. Desjardins raised their price target on shares of Teck Resources from C$65.00 to C$74.00 and gave the company a “hold” rating in a report on Monday, January 26th. TD Securities lowered shares of Teck Resources from a “buy” rating to a “hold” rating and boosted their price target for the company from C$70.00 to C$76.00 in a research report on Thursday, January 22nd. Jefferies Financial Group upped their price target on shares of Teck Resources from C$71.00 to C$80.00 in a report on Monday, January 12th. Finally, National Bankshares lifted their price objective on Teck Resources from C$70.00 to C$80.00 in a research note on Thursday, January 29th. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of C$72.58.

Teck Resources Price Performance

The firm’s 50-day moving average is C$67.29 and its 200-day moving average is C$58.42. The company has a debt-to-equity ratio of 37.46, a current ratio of 1.48 and a quick ratio of 0.97. The company has a market capitalization of C$35.76 billion, a P/E ratio of 29.41, a price-to-earnings-growth ratio of -0.38 and a beta of 2.06.

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%.