Teck Resources (TSE:TECK.B) Trading Up 14.1% Following Analyst Upgrade

Key Points

• Teck Resources' stock price increased by 14.1% after Jefferies Financial Group upgraded their price target from C$60.00 to C$74.00, maintaining a buy rating.
• The stock traded at a high of C$57.50 and saw a significant volume increase to 3.47 million shares, up 145% from its average session volume.
• Despite the upgrade from Jefferies, other analysts have issued mixed ratings, with Desjardins lowering their target price to C$58.00 and changing their rating to "hold."

Shares of Teck Resources Ltd (TSE:TECK.B - Get Free Report) rose 14.1% on Tuesday after Jefferies Financial Group raised their price target on the stock from C$60.00 to C$74.00. Jefferies Financial Group currently has a buy rating on the stock. Teck Resources traded as high as C$57.50 and last traded at C$55.33. Approximately 3,470,732 shares changed hands during trading, an increase of 145% from the average daily volume of 1,418,764 shares. The stock had previously closed at C$48.50.

Several other research analysts also recently commented on TECK.B. JPMorgan Chase & Co. downgraded Teck Resources from an "overweight" rating to a "neutral" rating and cut their target price for the stock from C$63.00 to C$56.00 in a report on Friday, July 25th. Citigroup cut their target price on Teck Resources from C$68.00 to C$55.00 and set a "neutral" rating on the stock in a report on Monday, June 9th. TD Securities cut their target price on Teck Resources from C$64.00 to C$60.00 and set a "buy" rating on the stock in a report on Friday, July 25th. Scotiabank dropped their price objective on Teck Resources from C$57.00 to C$55.00 and set an "outperform" rating on the stock in a research note on Monday, September 8th. Finally, Desjardins downgraded Teck Resources from a "buy" rating to a "hold" rating and dropped their price objective for the company from C$72.00 to C$58.00 in a research note on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of C$64.12.

Teck Resources Trading Up 0.6%

The business has a 50 day moving average of C$48.14 and a two-hundred day moving average of C$50.72. 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$28.35 billion, a price-to-earnings ratio of 99.98, a P/E/G ratio of -0.38 and a beta of 1.60.

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.