Teck Resources (TSE:TECK.B) Sets New 1-Year High After Analyst Upgrade

Teck Resources Ltd (TSE:TECK.B)’s share price 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.

Other research analysts also recently issued research reports about the stock. Desjardins increased 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. Raymond James Financial upped their price objective on Teck Resources from C$70.00 to C$77.00 in a research report on Monday. Jefferies Financial Group raised their price objective on Teck Resources from C$71.00 to C$80.00 in a research note on Monday, January 12th. Citigroup upgraded Teck Resources from a “neutral” rating to a “buy” rating and lifted their target price for the stock from C$76.00 to C$104.00 in a report on Monday, February 2nd. Finally, Canadian Imperial Bank of Commerce boosted their target price on Teck Resources from C$61.00 to C$77.00 in a research report on Wednesday, February 4th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Teck Resources has a consensus rating of “Hold” and an average price target of C$75.00.

Teck Resources Stock Up 4.0%

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 company has a 50-day simple moving average of C$68.33 and a 200 day simple moving average of C$59.12. The company has a market cap of C$40.21 billion, a P/E ratio of 33.07, a P/E/G 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%.