Teck Resources (NYSE:TECK) Stock Price Up 9% – Here’s Why

Shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) shot up 9% during mid-day trading on Tuesday . The company traded as high as $59.67 and last traded at $59.4570. 3,094,915 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 4,672,590 shares. The stock had previously closed at $54.56.

Analysts Set New Price Targets

Several brokerages have commented on TECK. Canaccord Genuity Group cut shares of Teck Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $46.00 price objective on shares of Teck Resources in a report on Wednesday, November 26th. Veritas raised Teck Resources from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, January 15th. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a report on Monday, January 26th. Finally, UBS Group reaffirmed a “buy” rating on shares of Teck Resources in a research note on Tuesday, January 27th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.33.

Teck Resources Trading Up 8.5%

The business has a 50 day simple moving average of $48.04 and a 200-day simple moving average of $41.87. The stock has a market capitalization of $28.47 billion, a price-to-earnings ratio of 33.26, a PEG ratio of 0.54 and a beta of 0.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.78 and a quick ratio of 2.08.

Institutional Trading of Teck Resources

A number of large investors have recently bought and sold shares of the business. Versant Capital Management Inc bought a new position in Teck Resources in the third quarter valued at approximately $26,000. Smartleaf Asset Management LLC raised its holdings in shares of Teck Resources by 72.4% during the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 351 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Teck Resources in the 2nd quarter valued at $49,000. SouthState Bank Corp bought a new stake in Teck Resources in the 3rd quarter valued at $50,000. Finally, Tobam acquired a new position in Teck Resources in the 2nd quarter worth $62,000. 78.06% of the stock is owned by institutional investors.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.