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Teck Resources Ltd Class B TECK

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Morningstar’s Analysis

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Economic Moat




Teck Resources’ Weak Second Quarter as Expected, USD 16 FVE Intact

Analyst Note

| Mathew Hodge, CFA |

No-moat-rated Teck Resources’ second-quarter 2020 adjusted net profit aftertax of CAD 89 million was similar to the prior quarter’s but down significantly from CAD 498 million in the second-quarter 2019. The decline versus last year reflects lower commodity prices. The average coking coal price was down 37%, zinc fell 29%, and copper declined 12%. The received oil price fell a staggering 73% compared with the second-quarter 2019 with the West Texas Intermediate oil price down nearly two thirds to average USD 22 per barrel and the discount for the Western Canadian Select benchmark blowing out.

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Company Profile

Business Description

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, followed by copper, zinc, and oil sands. 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.

550 Burrard Street, Suite 3300
Vancouver, BC, V6C 0B3, Canada
T +1 604 699-4000
Sector Basic Materials
Industry Other Industrial Metals & Mining
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2019
Stock Type
Employees 10,100