Teck Resources (TSE:TECK.B) Hits New 12-Month High – Here’s Why

Teck Resources Ltd (TSE:TECK.B)’s stock price hit a new 52-week high on Tuesday . The company traded as high as C$99.82 and last traded at C$98.96, with a volume of 183920 shares trading hands. The stock had previously closed at C$95.59.

Analyst Upgrades and Downgrades

TECK.B has been the subject of a number of analyst reports. 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 report on Monday, June 15th. Raymond James Financial upped their target price on shares of Teck Resources from C$93.00 to C$105.00 and gave the stock an “outperform” rating in a report on Wednesday, August 26th. Canaccord Genuity Group cut their price target on shares of Teck Resources from C$84.00 to C$81.00 and set a “hold” rating for the company in a report on Friday, July 24th. Finally, National Bank Financial upped their price objective on shares of Teck Resources from C$100.00 to C$105.00 and gave the stock a “sector perform” rating in a research note on Friday, July 24th. Two investment 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.com, Teck Resources presently has an average rating of “Hold” and a consensus price target of C$85.36.

Teck Resources Stock Down 2.0%

The firm’s 50-day simple moving average is C$88.74 and its 200 day simple moving average is C$83.62. 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 company has a market cap of C$47.73 billion, a P/E ratio of 19.11, a PEG ratio of -0.38 and a beta of 1.84.

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%.