Canaccord Genuity Group Has Lowered Expectations for Teck Resources (TSE:TECK.B) Stock Price

Teck Resources (TSE:TECK.B) had its price objective lowered by equities research analysts at Canaccord Genuity Group from C$84.00 to C$81.00 in a research report issued on Friday,BayStreet.CA reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s target price indicates a potential downside of 5.17% from the company’s previous close.

Several other equities analysts also recently commented on TECK.B. Scotiabank increased their target price on shares of Teck Resources from C$80.00 to C$85.00 and gave the stock a “sector perform” rating in a research report on Monday, June 15th. Raymond James Financial boosted their price target on Teck Resources from C$78.00 to C$80.00 and gave the stock a “market perform” rating in a research report on Friday, April 24th. National Bank Financial increased their price objective on Teck Resources from C$92.50 to C$100.00 and gave the company a “sector perform” rating in a report on Tuesday, July 14th. Finally, Canadian Imperial Bank of Commerce raised their price objective on Teck Resources from C$79.00 to C$83.00 and gave the company a “tender” rating in a research note on Friday, April 24th. Three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, Teck Resources has an average rating of “Hold” and an average target price of C$82.83.

Teck Resources Stock Up 1.5%

Shares of TECK.B traded up C$1.24 during mid-day trading on Friday, hitting C$85.42. 584,113 shares of the company’s stock were exchanged, compared to its average volume of 1,133,529. The stock has a market cap of C$41.82 billion, a price-to-earnings ratio of 22.66, a P/E/G ratio of -0.38 and a beta of 1.81. The firm has a fifty day moving average of C$86.23 and a two-hundred day moving average of C$79.52. The company has a quick ratio of 0.97, a current ratio of 1.48 and a debt-to-equity ratio of 37.46. Teck Resources has a twelve month low of C$42.95 and a twelve month high of C$98.58.

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. It is building a major new copper mine in Chile at the majority-owned Quebrada Blanca 2, in partnership with Sumitomo, which will increase Teck’s attributable copper production by around 80%.