Teck Resources (TSE:TECK.B) Price Target Cut to C$81.00 by Analysts at Canaccord Genuity Group

Teck Resources (TSE:TECK.B) had its target price decreased by Canaccord Genuity Group from C$84.00 to C$81.00 in a research report sent to investors on Friday,BayStreet.CA reports. Canaccord Genuity Group currently has a hold rating on the stock.

Several other analysts have also recently issued reports on TECK.B. Raymond James Financial boosted their price objective on shares of 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 research note on Monday, June 15th. Canadian Imperial Bank of Commerce boosted 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. Finally, National Bank Financial lifted their price target on shares of Teck Resources from C$92.50 to C$100.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 14th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of C$84.27.

Teck Resources Stock Performance

Teck Resources stock opened at C$85.01 on Friday. The stock has a fifty day moving average price of C$86.24 and a 200 day moving average price of C$79.56. 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 has a 52 week low of C$42.95 and a 52 week high of C$98.58. The firm has a market capitalization of C$41.71 billion, a P/E ratio of 22.55, a PEG ratio of -0.38 and a beta of 1.81.

Teck Resources News Summary

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

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%.