Teck Resources (TSE:TECK.B) Hits New 52-Week High – Here’s Why

Shares of Teck Resources Ltd (TSE:TECK.B) hit a new 52-week high on Tuesday . The company traded as high as C$98.70 and last traded at C$98.67, with a volume of 385214 shares. The stock had previously closed at C$97.26.

Wall Street Analyst Weigh In

TECK.B has been the topic of several recent analyst reports. National Bank Financial boosted their price target on Teck Resources from C$100.00 to C$105.00 and gave the company a “sector perform” rating in a research note on Friday, July 24th. Canaccord Genuity Group reduced their price objective on shares of Teck Resources from C$84.00 to C$81.00 and set a “hold” rating for the company in a research report on Friday, July 24th. Scotiabank lifted their price objective on shares of Teck Resources from C$80.00 to C$85.00 and gave the company a “sector perform” rating in a research note on Monday, June 15th. Finally, Raymond James Financial boosted their target price on shares of Teck Resources from C$93.00 to C$105.00 and gave the company an “outperform” rating in a research report on Wednesday. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of C$85.36.

Teck Resources Price Performance

The firm has a market capitalization of C$48.45 billion, a P/E ratio of 19.40, a price-to-earnings-growth ratio of -0.38 and a beta of 1.80. The business has a 50-day moving average of C$86.70 and a 200 day moving average of C$82.49. The company has a current ratio of 1.48, a quick ratio of 0.97 and a debt-to-equity ratio of 37.46.

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%.