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Teck Resources Gets Buy Rating From Berenberg

Posted by on March 22, 2017 7:12 AM
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Categories: Stocks

March 22, 2017: Berenberg raised Teck Resources to a Buy rating from Hold and set a price target of $27. Berenberg cites a tighter but well supplied copper market.

February 15, 2017: Teck Resources reports Q4 EPS of C$1.61 versus the C$0.03 y/y estimate. Revenue also beat coming in at C$3.56 billion versus the C$2.14 billion y/y estimate.

The CEO Donald R. Lindsay said, “We set a number of production and sales records while continuing to reduce our costs. We used the significant increase in cash generated by the higher steelmaking coal and zinc prices to reduce our debt by over $1.0 billion in the last few months.”

December 19, 2016: Analysts have been giving Teck Resources buy ratings over the last few weeks. The latest buy rating comes from MKM Partners who initiated coverage of Teck Resources with a Buy rating, and a price target of $29.

December 19, 2016: Macquarie raised Teck Resources to an Outperform rating, from Neutral, and set a price target of C$42.

December 12, 2016: Canaccord Genuity raised Teck Resources to a Buy rating, from Hold, and raised the price target to C$43 from C$29.

December 7, 2016: Teck Resources enters a participation agreement with Fort Chipewyan Metis for oil sands project. Fort Chipewyan Metis Local 125 and Teck Resources Limited announced the signing of a participation agreement for Teck’s proposed Frontier oil sands project, located in the traditional territory of the Fort Chipewyan Metis. The agreement will be implemented through a joint Cooperative Implementation Committee.

December 5, 2016: CitiGroup raised Teck Resources to a Buy rating, from Neutral.

November 22, 2016: Teck Resources updates on Q4 coal guidance. Teck expects its average blended realized price for all of its steelmaking coal products in the fourth quarter of 2016 to be in the range of USD$200 to USD$205 per ton. Teck had previously guided towards an average blended realized price for its highest quality coals and other coal grades below the USD$200 per ton benchmark price reported for the highest quality steelmaking coal, consistent with historical blended realizations for all products. This guidance implied a blended realized price for all products of approximately USD$185. Guidance for sales volume remains unchanged at 6.5 million tons.

Teck Resources Stock Chart

Teck is a diversified resource company committed to responsible mining and mineral development with business units focused on copper, zinc, steelmaking coal and energy.

Teck is the largest North American producer of steelmaking coal and the world’s second-largest exporter of seaborne steelmaking coal, an essential ingredient in the production of steel. We produce steelmaking coal from five mines in British Columbia and one in Alberta.

Teck is a significant producer of copper, with four operating mines and large development projects in Canada and South America. Copper plays a major role in meeting the world’s growing demand for infrastructure and products and is a vital component in power generation and transmission, construction, clean technology and electronics.

As one of the world’s largest producers of zinc, Teck plays a significant role in supplying zinc to meet the world’s infrastructure needs, and we are committed to helping solve the global health issue of zinc deficiency through our Zinc & Health program.

Teck is building a new energy business unit by advancing two of our three oil sands projects in the Athabasca region of northeastern Alberta, and partnerships in renewable energy including the Wintering Hills Wind Power Facility.


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Lance Jepsen

For ethical purposes, I try not to hold any position in any stock I profile on unless specifically stated in the article. Owner of Seasoned entrepreneur, investor, and writer. I love God, family, country, stock trading, economics, and helping people learn how to trade.
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