Teck Resources (TSE:TECK.B) Sets New 52-Week High – Here’s Why

Teck Resources Ltd (TSE:TECK.B)’s stock price hit a new 52-week high on Tuesday . The company traded as high as C$98.70 and last traded at C$98.67, with a volume of 385214 shares traded. The stock had previously closed at C$97.26.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Scotiabank raised their price target on shares of Teck Resources from C$80.00 to C$85.00 and gave the company a “sector perform” rating in a report on Monday, June 15th. Raymond James Financial upgraded shares of Teck Resources from a “market perform” rating to an “outperform” rating and raised their target price for the stock from C$90.00 to C$93.00 in a report on Friday, July 24th. National Bank Financial lifted their target price on shares of Teck Resources from C$100.00 to C$105.00 and gave the stock a “sector perform” rating in a research report on Friday, July 24th. Finally, Canaccord Genuity Group decreased their target price on shares of Teck Resources from C$84.00 to C$81.00 and set a “hold” rating for the company in a research note on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of C$84.27.

Teck Resources Price Performance

The firm has a 50-day simple moving average of C$86.48 and a 200-day simple moving average of C$82.15. The firm has a market capitalization of C$48.18 billion, a PE ratio of 19.29, a PEG ratio of -0.38 and a beta of 1.80. 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. 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%.