Teck Resources (TSE:TECK.B) Shares Cross Below Fifty Day Moving Average – Here’s What Happened

Teck Resources Ltd (TSE:TECK.B) passed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of C$58.50 and traded as low as C$57.18. Teck Resources shares last traded at C$57.66, with a volume of 1,018,307 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TECK.B. Desjardins cut shares of Teck Resources from a “buy” rating to a “hold” rating and reduced their price target for the stock from C$72.00 to C$58.00 in a research report on Friday, July 18th. Royal Bank Of Canada decreased their price objective on Teck Resources from C$82.00 to C$67.00 in a report on Friday, July 25th. Scotiabank lowered Teck Resources from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from C$69.00 to C$65.00 in a research report on Friday, November 7th. Citigroup raised their target price on Teck Resources from C$55.00 to C$60.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 8th. Finally, National Bankshares lowered Teck Resources from an “outperform” rating to a “sector perform” rating and increased their price objective for the company from C$62.50 to C$65.00 in a research note on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$64.42.

Teck Resources Trading Down 1.9%

The stock has a 50-day moving average of C$58.50 and a 200 day moving average of C$52.71. The company has a quick ratio of 0.97, a current ratio of 1.48 and a debt-to-equity ratio of 37.46. The stock has a market cap of C$28.15 billion, a PE ratio of 23.16, a price-to-earnings-growth ratio of -0.38 and a beta of 1.94.

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.