Teck Resources (TSE:TECK.B) Trading 14.4% Higher Following 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.

Teck Resources Ltd (TSE:TECK.B - Get Free Report)'s stock price traded up 14.4% during trading 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.

A number of other brokerages have also recently commented on TECK.B. TD Securities decreased their target price on shares of Teck Resources from C$64.00 to C$60.00 and set a "buy" rating on the stock in a research 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 research report on Thursday, August 21st. Citigroup decreased their price objective on shares of Teck Resources from C$68.00 to C$55.00 and set a "neutral" rating on the stock in a research report on Monday, June 9th. Royal Bank Of Canada decreased their price objective on shares of Teck Resources from C$82.00 to C$67.00 in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. cut shares of Teck Resources from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from C$63.00 to C$56.00 in a research report on Friday, July 25th. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of C$64.12.

Teck Resources Price Performance

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 firm's 50 day moving average is C$48.11 and its 200 day moving average is C$50.72. The firm has a market cap of C$27.07 billion, a P/E ratio of 95.47, 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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