Teck Resources (TSE:TECK.B) Shares Up 13.6% on Analyst Upgrade

Key Points

• Teck Resources saw a significant increase, trading up 13.6% to C$55.10, with a notable trading volume of over 2.4 million shares.
• Despite the positive trading performance, analysts have adjusted their price targets downwards, with consensus target now at C$63.04 and a rating of "Moderate Buy".
• The company is recognized as the world's second-largest exporter of seaborne metallurgical coal and a top-three zinc miner, emphasizing its diversified mining operations.

Shares of Teck Resources Ltd (TSE:TECK.B - Get Free Report) rose 13.6% 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$55.10. Approximately 2,441,814 shares traded hands during mid-day trading, an increase of 74% from the average daily volume of 1,406,814 shares. The stock had previously closed at C$48.50.

A number of other research analysts also recently weighed in on TECK.B. TD Securities cut their price objective on Teck Resources from C$64.00 to C$60.00 and set a "buy" rating on the stock in a research note on Friday, July 25th. JPMorgan Chase & Co. downgraded Teck Resources from an "overweight" rating to a "neutral" rating and cut their price objective for the company from C$63.00 to C$56.00 in a research note on Friday, July 25th. Scotiabank dropped their price target on Teck Resources from C$57.00 to C$55.00 and set an "outperform" rating on the stock in a research report on Monday, September 8th. Raymond James Financial upped their price target on Teck Resources from C$63.00 to C$64.00 in a report on Thursday, August 21st. Finally, Royal Bank Of Canada lowered their price objective on shares of Teck Resources from C$82.00 to C$67.00 in a research note on Friday, July 25th. Seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of C$64.12.

Teck Resources Stock Performance

The firm's 50 day moving average price is C$48.14 and its 200-day moving average price is C$50.72. The firm has a market cap 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. The company has a debt-to-equity ratio of 37.46, a current ratio of 1.48 and a quick ratio of 0.97.

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.