Teck Resources (TSE:TECK.B) Stock Price Up 2% - Here's What Happened

Key Points

• Teck Resources Ltd shares increased by 2% during trading, closing at C$48.50, following the previous day's close of C$47.56.
• Multiple analysts have recently downgraded their price targets for Teck Resources, with TD Securities lowering it from C$64.00 to C$60.00 while maintaining a "buy" rating.
• The company is a leading player in the mining sector with significant operations in coal, copper, zinc, and oil sands, ranking as the world’s second-largest exporter of seaborne metallurgical coal.

Teck Resources Ltd (TSE:TECK.B - Get Free Report) shares rose 2% during trading on Tuesday . The company traded as high as C$49.15 and last traded at C$48.50. Approximately 1,641,694 shares changed hands during trading, an increase of 17% from the average daily volume of 1,408,758 shares. The stock had previously closed at C$47.56.

Wall Street Analysts Forecast Growth

TECK.B has been the topic of a number of research analyst reports. TD Securities lowered their price target 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. National Bankshares lowered their price target on Teck Resources from C$66.00 to C$62.50 in a report on Friday, July 25th. Scotiabank decreased their target price on Teck Resources from C$57.00 to C$55.00 and set an "outperform" rating for the company in a research note on Monday. JPMorgan Chase & Co. cut Teck Resources from an "overweight" rating to a "neutral" rating and decreased their target price for the company from C$63.00 to C$56.00 in a research note on Friday, July 25th. Finally, Desjardins cut Teck Resources from a "buy" rating to a "hold" rating and decreased their target price for the company from C$72.00 to C$58.00 in a research note on Friday, July 18th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of C$63.04.

Teck Resources Trading Up 2.0%

The company has a 50 day moving average of C$48.11 and a 200 day moving average of C$50.72. 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 firm has a market cap of C$23.71 billion, a price-to-earnings ratio of 83.62, a price-to-earnings-growth ratio of -0.38 and a beta of 1.60.

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.

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