Canaccord Genuity Group Issues Pessimistic Forecast for Teck Resources (TSE:TECK.B) Stock Price

Teck Resources (TSE:TECK.B) had its price objective reduced by investment analysts at Canaccord Genuity Group from C$84.00 to C$81.00 in a note issued to investors on Friday,BayStreet.CA reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective points to a potential downside of 4.72% from the stock’s previous close.

Several other brokerages have also recently weighed in on TECK.B. Canadian Imperial Bank of Commerce upped their target price on Teck Resources from C$79.00 to C$83.00 and gave the stock a “tender” rating in a report on Friday, April 24th. Raymond James Financial raised their price target on Teck Resources from C$78.00 to C$80.00 and gave the company a “market perform” rating in a research note on Friday, April 24th. Scotiabank lifted their price objective on Teck Resources from C$80.00 to C$85.00 and gave the company a “sector perform” rating in a report on Monday, June 15th. Finally, National Bank Financial upped their price objective on shares of Teck Resources from C$92.50 to C$100.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 14th. Three analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Teck Resources has a consensus rating of “Hold” and an average price target of C$84.27.

Teck Resources Stock Performance

Teck Resources stock opened at C$85.01 on Friday. The stock’s 50 day simple moving average is C$86.24 and its two-hundred day simple moving average is C$79.56. The company has a debt-to-equity ratio of 37.46, a quick ratio of 0.97 and a current ratio of 1.48. Teck Resources has a fifty-two week low of C$42.95 and a fifty-two week high of C$98.58. The stock has a market cap of C$41.71 billion, a price-to-earnings ratio of 22.55, a PEG ratio of -0.38 and a beta of 1.81.

Key Headlines Impacting Teck Resources

Here are the key news stories impacting Teck Resources this week:

• Positive Sentiment: Raymond James upgraded Teck Resources to outperform from market perform and raised its price target to C$93, implying additional upside for the stock. Teck Resources upgraded by Raymond James
• Positive Sentiment: National Bank Financial raised its price target on Teck Resources to C$105 from C$100, signaling continued confidence even while keeping a sector perform rating. National Bank Financial raises Teck target
• Positive Sentiment: Coverage highlighting Teck’s Q2 earnings beat and record copper-driven results is supporting the stock, as higher copper output and prices boosted profit. Teck Resources up after earnings beat
• Positive Sentiment: Another report said Teck topped profit estimates on stronger copper production and prices, reinforcing the positive sentiment around the stock. Teck tops profit estimates
• Neutral Sentiment: Canaccord Genuity cut its price target to C$81 from C$84 and maintained a hold rating, which tempers some of the optimism despite the stronger operating results. Canaccord lowers Teck target

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%.