Teck Resources (TSE:TECK.B) Trading Up 2% After Analyst Upgrade

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)'s stock price was up 2% 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$49.15 and last traded at C$48.50. Approximately 1,641,694 shares were traded during mid-day trading, an increase of 17% from the average daily volume of 1,408,758 shares. The stock had previously closed at C$47.56.

Several other analysts also recently weighed in on the stock. Scotiabank lowered their target price on shares of Teck Resources from C$57.00 to C$55.00 and set an "outperform" rating on the stock in a report on Monday, September 8th. National Bankshares lowered their target price on shares of Teck Resources from C$66.00 to C$62.50 in a report on Friday, July 25th. Royal Bank Of Canada decreased their price objective on shares of Teck Resources from C$82.00 to C$67.00 in a report on Friday, July 25th. Raymond James Financial boosted their price objective on shares of Teck Resources from C$63.00 to C$64.00 in a report on Thursday, August 21st. Finally, JPMorgan Chase & Co. downgraded shares of Teck Resources from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from C$63.00 to C$56.00 in a report on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Teck Resources currently has an average rating of "Moderate Buy" and a consensus target price of C$64.12.

Teck Resources Trading Up 0.6%

The company has a debt-to-equity ratio of 37.46, a current ratio of 1.48 and a quick ratio of 0.97. The company has a market cap of C$28.35 billion, a price-to-earnings ratio of 99.98, a PEG ratio of -0.38 and a beta of 1.60. The business's 50-day simple moving average is C$48.14 and its 200-day simple moving average is C$50.72.

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.