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

Teck Resources Ltd (TSE:TECK.B)’s share price reached a new 52-week high on Wednesday after CIBC raised their price target on the stock from C$61.00 to C$77.00. The company traded as high as C$82.18 and last traded at C$78.80, with a volume of 707316 shares trading hands. The stock had previously closed at C$80.76.

A number of other equities research analysts have also recently issued reports on TECK.B. Citigroup raised shares of Teck Resources from a “neutral” rating to a “buy” rating and upped their target price for the company from C$76.00 to C$104.00 in a report on Monday. Jefferies Financial Group boosted their price target on Teck Resources from C$71.00 to C$80.00 in a research report on Monday, January 12th. Raymond James Financial dropped their price objective on Teck Resources from C$64.00 to C$63.00 in a research note on Friday, October 10th. JPMorgan Chase & Co. lifted their target price on Teck Resources from C$56.00 to C$60.00 in a research note on Thursday, October 9th. Finally, Stifel Nicolaus boosted their target price on Teck Resources from C$60.00 to C$65.00 in a report on Tuesday, October 21st. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of C$72.58.

Teck Resources Price Performance

The stock has a market capitalization of C$37.24 billion, a P/E ratio of 30.64, a PEG ratio of -0.38 and a beta of 2.06. The company has a debt-to-equity ratio of 37.46, a quick ratio of 0.97 and a current ratio of 1.48. The business has a fifty day simple moving average of C$67.03 and a 200-day simple moving average of C$58.32.

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%.