Teck Resources (TSE:TECK.B) Trading Up 14.4% Following Analyst Upgrade

Key Points

• Teck Resources' stock price surged by 14.4% after Jefferies Financial Group upgraded their price target from C$60.00 to C$74.00, maintaining a buy rating.
• Hourly trading volume increased to approximately 4.3 million shares, a significant rise of 203% from the average daily volume.
• Despite the upgrade from Jefferies, several analysts, including Royal Bank of Canada and JPMorgan Chase, have lowered their price targets on Teck Resources, leading to a consensus price target of C$64.12.

Teck Resources Ltd (TSE:TECK.B - Get Free Report) shares shot up 14.4% 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$55.47. 4,313,960 shares were traded during mid-day trading, an increase of 203% from the average session volume of 1,424,612 shares. The stock had previously closed at C$48.50.

Other analysts also recently issued reports about the company. Citigroup dropped their price objective on Teck Resources from C$68.00 to C$55.00 and set a "neutral" rating for the company in a report on Monday, June 9th. Royal Bank Of Canada dropped their price objective on Teck Resources from C$82.00 to C$67.00 in a report on Friday, July 25th. TD Securities dropped their price objective on Teck Resources from C$64.00 to C$60.00 and set a "buy" rating for the company in a report on Friday, July 25th. Desjardins downgraded Teck Resources from a "buy" rating to a "hold" rating and dropped their price objective for the stock from C$72.00 to C$58.00 in a report on Friday, July 18th. Finally, National Bankshares decreased their price target on shares of Teck Resources from C$66.00 to C$62.50 in a research report on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of C$64.12.

Teck Resources Trading Up 0.6%

The company has a current ratio of 1.48, a quick ratio of 0.97 and a debt-to-equity ratio of 37.46. The business's 50-day simple moving average is C$48.14 and its two-hundred day simple moving average is C$50.72. The company has a market capitalization of C$28.35 billion, a PE ratio of 99.98, a PEG 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.