Teck Resources (TSE:TECK.B) Stock Price Up 14.4% After Analyst Upgrade

Key Points

• Teck Resources' stock price surged 14.4% after Jefferies Financial Group raised its price target from C$60.00 to C$74.00, maintaining a buy rating.
• Despite the positive upgrade, several other brokerages lower their price targets, with TD Securities setting it at C$60.00 and JPMorgan Chase & Co. reducing it to C$56.00.
• Teck Resources has a market cap of C$27.07 billion and is recognized as the world's second-largest exporter of seaborne metallurgical coal.

Shares of Teck Resources Ltd (TSE:TECK.B - Get Free Report) rose 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. Approximately 4,313,960 shares traded hands during trading, an increase of 203% from the average daily volume of 1,424,612 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. Royal Bank Of Canada dropped their price target on Teck Resources from C$82.00 to C$67.00 in a research note on Friday, July 25th. National Bankshares dropped their price target on Teck Resources from C$66.00 to C$62.50 in a research note on Friday, July 25th. Citigroup decreased 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. Finally, Desjardins lowered Teck Resources from a "buy" rating to a "hold" rating and reduced their target price for the company from C$72.00 to C$58.00 in a report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Teck Resources currently has an average rating of "Moderate Buy" and an average target price of C$64.12.

Teck Resources Stock Up 0.6%

The stock has a 50 day moving average price of C$48.14 and a 200-day moving average price of C$50.72. The stock has a market capitalization of C$28.35 billion, a P/E ratio of 99.98, a PEG 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.

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.