Teck Resources (TSE:TECK.B) Reaches New 1-Year High – Time to Buy?

Teck Resources Ltd (TSE:TECK.B)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as C$91.77 and last traded at C$91.72, with a volume of 153712 shares changing hands. The stock had previously closed at C$90.45.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TECK.B shares. Citigroup upgraded Teck Resources from a “neutral” rating to a “buy” rating and lifted their target price for the stock from C$76.00 to C$104.00 in a report on Monday, February 2nd. Desjardins upped their target price on Teck Resources from C$65.00 to C$74.00 and gave the company a “hold” rating in a report on Monday, January 26th. Raymond James Financial increased their price target on Teck Resources from C$78.00 to C$80.00 and gave the company a “market perform” rating in a research report on Friday, April 24th. Canaccord Genuity Group boosted their price objective on Teck Resources from C$78.00 to C$85.50 and gave the stock a “hold” rating in a report on Friday, April 24th. Finally, Canadian Imperial Bank of Commerce upped their price objective on shares of 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. Two investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Teck Resources presently has a consensus rating of “Hold” and a consensus price target of C$80.25.

Teck Resources Trading Down 2.0%

The company has a debt-to-equity ratio of 37.46, a quick ratio of 0.97 and a current ratio of 1.48. The stock has a market cap of C$43.97 billion, a price-to-earnings ratio of 23.82, a price-to-earnings-growth ratio of -0.38 and a beta of 1.83. The company’s 50 day simple moving average is C$75.91 and its two-hundred day simple moving average is C$70.48.

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%.