The stock of Teck Resources Limited (NYSE:TECK) is now priced at $11.84 and the shares are 0.04 points up or 0.34% higher compared to its previous closing price of $11.8. The stock had 3.259 million contracts set over the past session. TECK shares’ daily volume is compared to its average trading volume at 3.807 million shares. However, it has a float of 523 million and although its performance was 2.69% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the TECK share price recently placing at $11.7 to $12.08. However, some brokerage firms have priced the stock below the average, including one that has called $11.97.
The shorts are running away from the Teck Resources Limited stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the TECK shares have declined. Short interest in the stock represents just 1.72% of its float, but the volume has dropped by 0.
In the last trading session, Teck Resources Limited (NYSE:TECK) raised by $0.31 over the week and gained $0.88 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $19.44. The stock recorded its established 52-week high on 09/13/19.
Since 03/18/20, the stock has traded to a low of $5.6 at 111.43%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.55. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Teck Resources Limited’s two-week RSI is 63.14. This suggests that the stock is neutral at the moment and that TECK shares’ price movement remains stable. The stochastic readings are equally revealing at 83.26% meaning the TECK share price is currently in oversold territory.
The technical chart shows that the TECK stock will likely settle at between $12.05 and $12.25 per share. However, if the stock dips below $11.67, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $11.49.
Currently, the stock is trading in the green of MACD, with a reading of 0.18. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at National Bank Financial cut their recommendation for TECK from Outperform to Sector Perform in July 21 review. Citigroup analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on April 22. The Benchmark Company analysts see the stock as Buy when the analysts initiated the share price coverage on March 02, placing it at $14.
The average rating for the TECK equity is 2.13 and is currently gathering a bullish momentum. Of 16 analysts tracking Teck Resources Limited polled by Reuters, 5 rated TECK as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (11) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the TECK stock price is 8.05X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Teck Resources Limited (NYSE:TECK) will increase by about 47.67%, which will see them reach $2540 million. The company’s full-year revenues are, however, expected to increase by about 1.37%, up from $9480 million to $9610 million. TECK’s expected adjusted earnings should surge almost 19.78% to end up at $1.09 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 0% to record $3.5/share.