Teck Resources (TSE:TECK.B) Shares Pass Above Fifty Day Moving Average - What's Next?

Key Points

• Teck Resources shares moved above their 50-day moving average, reaching C$93.57 before closing at C$92.76, up 0.2% on trading volume of 920,573 shares.
• Analyst sentiment remains mixed: three analysts rate the stock Buy and six rate it Hold, producing an overall “Hold” rating and an average price target of C$84.27. Recent target changes ranged from C$81 to C$105.
• Teck is a diversified miner focused on metallurgical coal, copper, zinc and oil sands; its Quebrada Blanca 2 copper project in Chile is expected to increase attributable copper production by about 80%.

Teck Resources Ltd (TSE:TECK.B - Get Free Report)'s share price passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of C$86.15 and traded as high as C$93.57. Teck Resources shares last traded at C$92.76, with a volume of 920,573 shares changing hands.

Wall Street Analysts Forecast Growth

TECK.B has been the topic of several recent analyst reports. National Bank Financial increased their target price on Teck Resources from C$100.00 to C$105.00 and gave the stock a "sector perform" rating in a research report on Friday, July 24th. Scotiabank upped their price objective on shares of 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. Canaccord Genuity Group cut their price objective on shares of Teck Resources from C$84.00 to C$81.00 and set a "hold" rating on the stock in a report on Friday, July 24th. Canadian Imperial Bank of Commerce raised their target price on shares of Teck Resources from C$79.00 to C$83.00 and gave the stock a "tender" rating in a research report on Friday, April 24th. Finally, Raymond James Financial upgraded shares of Teck Resources from a "market perform" rating to an "outperform" rating and boosted their target price for the company from C$90.00 to C$93.00 in a report on Friday, July 24th. Three research 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 an average rating of "Hold" and an average target price of C$84.27.

Teck Resources Trading Up 0.2%

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 firm has a market capitalization of C$45.51 billion, a price-to-earnings ratio of 18.22, a P/E/G ratio of -0.38 and a beta of 1.80. The business has a fifty day moving average price of C$86.15 and a 200 day moving average price of C$80.68.

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%.

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