CIBC Boosts Teck Resources (TSE:TECK.B) Price Target to C$77.00

Teck Resources (TSE:TECK.B) had its price objective increased by CIBC from C$61.00 to C$77.00 in a note issued to investors on Wednesday,BayStreet.CA reports.

Other equities analysts have also issued reports about the company. Stifel Nicolaus increased their price target on Teck Resources from C$60.00 to C$65.00 in a research note on Tuesday, October 21st. JPMorgan Chase & Co. raised their target price on shares of Teck Resources from C$56.00 to C$60.00 in a report on Thursday, October 9th. Jefferies Financial Group upped their price target on shares of Teck Resources from C$71.00 to C$80.00 in a research note on Monday, January 12th. TD Securities lowered shares of Teck Resources from a “buy” rating to a “hold” rating and increased their price objective for the company from C$70.00 to C$76.00 in a research report on Thursday, January 22nd. Finally, Raymond James Financial reduced their target price on shares of Teck Resources from C$64.00 to C$63.00 in a report on Friday, October 10th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Teck Resources currently has an average rating of “Hold” and an average target price of C$72.58.

Teck Resources Price Performance

TECK.B stock traded down C$3.76 during mid-day trading on Wednesday, hitting C$77.00. The company had a trading volume of 1,395,606 shares, compared to its average volume of 1,176,681. The company has a 50-day moving average price of C$66.70 and a 200 day moving average price of C$58.19. Teck Resources has a 12-month low of C$40.23 and a 12-month high of C$82.18. The company has a market capitalization of C$37.59 billion, a price-to-earnings ratio of 30.92, a P/E/G ratio of -0.38 and a beta of 2.06. The company has a quick ratio of 0.97, a current ratio of 1.48 and a debt-to-equity ratio of 37.46.

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%.