Teck Resources (TSE:TECK.B) Hits New 12-Month High After Analyst Upgrade

Teck Resources Ltd (TSE:TECK.B) reached a new 52-week high during mid-day trading on Wednesday after Stifel Nicolaus raised their price target on the stock from C$65.00 to C$80.00. Stifel Nicolaus currently has a hold rating on the stock. Teck Resources traded as high as C$82.44 and last traded at C$82.35, with a volume of 919424 shares changing hands. The stock had previously closed at C$79.15.

A number of other analysts have also issued reports on TECK.B. Desjardins boosted their price target on shares of Teck Resources from C$65.00 to C$74.00 and gave the stock a “hold” rating in a research note on Monday, January 26th. Canadian Imperial Bank of Commerce upped their target price on shares of Teck Resources from C$61.00 to C$77.00 in a report on Wednesday, February 4th. TD Securities downgraded shares of 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 report on Thursday, January 22nd. Scotiabank increased their price target on Teck Resources from C$60.00 to C$70.00 and gave the stock a “sector perform” rating in a report on Thursday, January 8th. Finally, National Bank Financial increased their target price 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 six have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of C$75.00.

Teck Resources Trading Down 2.7%

The company’s 50-day moving average is C$69.08 and its 200 day moving average is C$59.42. The company has a current ratio of 1.48, a quick ratio of 0.97 and a debt-to-equity ratio of 37.46. The firm has a market cap of C$38.92 billion, a PE ratio of 32.02, a P/E/G ratio of -0.38 and a beta of 2.06.

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%.