Teck Resources (TSE:TECK.B) Stock Price Crosses Below 50 Day Moving Average – Here’s What Happened

Teck Resources Ltd (TSE:TECK.B) crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$75.03 and traded as low as C$67.68. Teck Resources shares last traded at C$68.46, with a volume of 556,508 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TECK.B shares. TD Securities increased their target price on shares of Teck Resources from C$76.00 to C$82.00 and gave the stock a “hold” rating in a report on Monday, February 23rd. Scotiabank boosted their price target on shares of Teck Resources from C$75.00 to C$80.00 in a report on Tuesday, February 24th. Raymond James Financial upped their price objective on shares of Teck Resources from C$70.00 to C$77.00 in a research report on Monday, February 9th. Desjardins raised their price objective on Teck Resources from C$65.00 to C$74.00 and gave the stock a “hold” rating in a research note on Monday, January 26th. Finally, National Bank Financial lifted their target price on Teck Resources from C$70.00 to C$80.00 in a report on Thursday, January 29th. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of C$76.33.

Teck Resources Price Performance

The company has a market cap of C$33.48 billion, a price-to-earnings ratio of 24.19, a PEG ratio of -0.38 and a beta of 1.92. The company has a quick ratio of 0.97, a current ratio of 1.48 and a debt-to-equity ratio of 37.46. The company’s fifty day moving average price is C$75.03 and its two-hundred day moving average price is C$64.69.

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%.