Home Stock Is Teck Resources a Good Mining Stock to Add to Your Portfolio?
imageStock Markets4 minutes ago (Sep 22, 2021 03:30PM ET)

(C) Reuters. Is Teck Resources a Good Mining Stock to Add to Your Portfolio?

Canada-based Teck Resources (NYSE:TECK) reported impressive second-quarter earnings results and its shares have advanced in price over the past month. However, can the stock continue to rally even as COVID-19 cases and wildfires continue to increase? Let’s find out.Headquartered in Vancouver, Canada, established mining company Teck Resources Limited (TECK) has grown significantly over the past few years. Its Neptune port upgrade project is operational and ramping up to full capacity, and the new facility is being integrated into its logistics chain, which is expected to reduce costs, enhance flexibility, and improve performance. The stock has gained 17.8% in price over the past month to close yesterday’s trading session at $25.32.

However, it is currently trading 14.3% below its 52-week high of $27.08, which it hit on September 15, 2021. In March 2021, TECK pleaded guilty to two charges that it violated the country’s Fisheries Act, and agreed to pay a CAD60 million ($46.91 million) penalty.

Furthermore, we think rising COVID-19 cases due to the rapid spread of the Delta variant, and increasing wildfires, make the company’s near-term outlook uncertain because its production could be significantly impacted.

Continue reading on StockNews

Is Teck Resources a Good Mining Stock to Add to Your Portfolio?

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

EDITOR'S PICK

Is Teck Resources a Good Mining Stock to Add to Your Portfolio?

SUBSCRIBE HERE

CATEGORIES

Latest News