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

by Mike Robinson

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© Reuters. Teck Resources: Is it a good mining stock to add to your Portfolio?

Teck Resources (NYSE :), a Canada-based mining company, posted impressive results for its second quarter and shares have appreciated in value over the past month. But, will the stock be able to continue its rally despite increasing wildfires and COVID-19 cases? 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 upgrades project is fully operational. The new facility is being integrated in its logistics chain. This will reduce costs and increase flexibility. Performance is also expected to improve. The stock has gained 17.8% in price over the past month to close yesterday’s trading session at $25.32.

The stock is still trading 14.3% lower than its previous 52-week high, $27.08, that it reached on September 15, 2020. TECK pleaded guilty in March 2021 to violating the Fisheries Act of Canada and was fined CAD60million ($46.91million).

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.

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