Teck Resources (TSE:TECK.B) Share Price Passes Above 50 Day Moving Average – Here’s Why

Teck Resources Ltd (TSE:TECK.B)’s stock price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$85.97 and traded as high as C$89.48. Teck Resources shares last traded at C$88.17, with a volume of 627,988 shares.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TECK.B. Canadian Imperial Bank of Commerce increased their price objective on Teck Resources from C$79.00 to C$83.00 and gave the company a “tender” rating in a report on Friday, April 24th. Raymond James Financial upgraded Teck Resources from a “market perform” rating to an “outperform” rating and increased their price target for the stock from C$90.00 to C$93.00 in a research note on Friday, July 24th. Scotiabank lifted their price objective on Teck Resources from C$80.00 to C$85.00 and gave the stock a “sector perform” rating in a report on Monday, June 15th. Canaccord Genuity Group lowered their price objective on Teck Resources from C$84.00 to C$81.00 and set a “hold” rating on the stock in a research note on Friday, July 24th. Finally, National Bank Financial increased 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. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Teck Resources has an average rating of “Hold” and an average price target of C$84.27.

Teck Resources Price Performance

The stock has a market capitalization of C$43.26 billion, a PE ratio of 17.32, a price-to-earnings-growth ratio of -0.38 and a beta of 1.80. The business’s 50-day moving average price is C$85.97 and its 200 day moving average price is C$81.45. The company has a debt-to-equity ratio of 37.46, a quick ratio of 0.97 and a current ratio of 1.48.

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%.