Teck Resources (TSE:TECK.B) Sets New 12-Month High – Time to Buy?

Shares of Teck Resources Ltd (TSE:TECK.B) hit a new 52-week high on Tuesday . The company traded as high as C$64.39 and last traded at C$64.25, with a volume of 327168 shares trading hands. The stock had previously closed at C$62.11.

Wall Street Analysts Forecast Growth

TECK.B has been the subject of a number of recent research reports. Citigroup boosted their target price on shares of Teck Resources from C$55.00 to C$60.00 and gave the stock a “neutral” rating in a report on Wednesday, October 8th. National Bankshares lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating and boosted their price objective for the stock from C$62.50 to C$65.00 in a research note on Wednesday, October 8th. Raymond James Financial decreased their target price on shares of Teck Resources from C$64.00 to C$63.00 in a research report on Friday, October 10th. TD Securities lifted their price target on shares of Teck Resources from C$63.00 to C$70.00 in a report on Tuesday, October 21st. Finally, CIBC increased their price objective on Teck Resources from C$57.00 to C$61.00 and gave the company a “buy” rating in a report on Thursday, November 27th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$63.54.

Teck Resources Trading Up 3.2%

The company has a current ratio of 1.48, a quick ratio of 0.97 and a debt-to-equity ratio of 37.46. The stock has a 50-day simple moving average of C$59.78 and a 200 day simple moving average of C$54.50. The company has a market cap of C$31.29 billion, a price-to-earnings ratio of 25.74, a PEG ratio of -0.38 and a beta of 1.80.

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%.