Teck Resources (TSE:TECK.B) Share Price Passes Above 50 Day Moving Average - Time to Sell?

Key Points

• Teck Resources shares rose above their 50-day moving average, reaching C$89.48 before closing at C$88.17, compared with the C$85.97 average.
• Analyst sentiment remains mixed but leans toward “Hold”: three analysts rate the stock Buy and six rate it Hold, with a consensus price target of C$84.27.
• Teck is a diversified miner focused on metallurgical coal, copper, zinc, and oil sands, with its Quebrada Blanca 2 project in Chile expected to increase attributable copper production by about 80%.

Teck Resources Ltd (TSE:TECK.B - Get Free Report) shares passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$85.97 and traded as high as C$89.48. Teck Resources shares last traded at C$88.17, with a volume of 627,988 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TECK.B. Canaccord Genuity Group decreased 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 research note on Friday, July 24th. Canadian Imperial Bank of Commerce raised their price objective on shares of Teck Resources from C$79.00 to C$83.00 and gave the company a "tender" rating in a research note on Friday, April 24th. Raymond James Financial upgraded shares of Teck Resources from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from C$90.00 to C$93.00 in a report on Friday, July 24th. Scotiabank boosted their target price on shares of Teck Resources from C$80.00 to C$85.00 and gave the stock a "sector perform" rating in a research report on Monday, June 15th. Finally, National Bank Financial upped their target price on shares of Teck Resources from C$100.00 to C$105.00 and gave the stock a "sector perform" rating in a report on Friday, July 24th. Three analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of C$84.27.

Teck Resources Stock Performance

The firm has a market cap of C$43.26 billion, a PE ratio of 17.32, a PEG ratio of -0.38 and a beta of 1.80. 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 has a 50-day simple moving average of C$85.97 and a two-hundred day simple moving average of C$81.45.

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%.

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