Teck Resources increases steelmaking coal sales to China for Q4 » 05:2911/2311/23/20
Teck Resources announced…
Teck Resources announced that it has increased its steelmaking coal sales to China for Q4 in response to increased demand. These sales have been at higher pricing levels compared to markets outside China. Estimated total fourth quarter sales remain within Teck's existing guidance of 5.8-6.2Mt, with approximately 20% of these sales now to Chinese customers. Pricing in China for Teck's steelmaking coal started to increase around the middle of the current quarter when a large portion of overall sales were already concluded. Additional spot sales to China were concluded gradually as the price was rising and achieved an average premium in excess of $35 per ton above Australian FOB spot pricing at the time each sale was concluded. Contract sales to Chinese customers are also priced on the basis of CFR China price assessments. The most recent three cargos were sold at prices between $160/ton and $165/ton CFR China. In a declining coal price environment, realized coal price relative to benchmark would normally be lower than the long term average of 92%. As a result of these recent sales at premium prices, however, the company is estimating that Q4 realized price will reflect that long term average of approximately 92% despite the price drop for markets outside China.The company has had discussions with customers regarding 2021 sales and is restructuring its sales book to target 2021 sales to China of approximately 7.5M tons.
|Over a week ago|
Teck Resources put volume heavy and directionally bearish » 10:5511/1811/18/20
Bearish flow noted in…
Bearish flow noted in Teck Resources with 5,068 puts trading, or 7x expected. Most active are Jan-21 10 puts and Nov-20 16 calls, with total volume in those strikes near 5,200 contracts. The Put/Call Ratio is 9.00, while ATM IV is up over 1 point on the day. Earnings are expected on February 18th.
Teck Resources initiated with a Neutral at Goldman Sachs » 18:0411/1111/11/20
Goldman Sachs analyst…
Goldman Sachs analyst Emily Chieng initiated coverage of Teck Resources with a Neutral rating and $14 price target. The analyst believes Teck's "moment" is roughly two years away, with significant construction activity ahead for Quebrada Blanca 2. Chieng added that while she expects Teck to delever through 2021, she does not anticipate the magnitude of this changes to be as meaningful.
Teck Resources price target lowered to C$20.50 from C$21 at BMO Capital » 11:3811/0211/02/20
BMO Capital analyst…
BMO Capital analyst Jackie Przybylowski lowered the firm's price target on Teck Resources to C$20.50 from C$21 and keeps a Market Perform rating on the shares.
Teck Resources gets regulatory approval for share buyback » 17:4810/2810/28/20
Teck Resources has been…
Teck Resources has been informed that the Toronto Stock Exchange has accepted Teck's notice of intention to make a normal course issuer bid to purchase its Class B subordinate voting shares. Under the normal course issuer bid, Teck may purchase up to 40M Class B Shares during the period starting November 2, 2020 and ending November 1, 2021, representing approximately 7.6% of the outstanding Class B Shares, or 8.7% of the public float, as at October 28, 2020. 523,298,339 Class B Shares were issued and outstanding as at that date.
Teck Resources price target lowered to C$21 from C$23 at BMO Capital » 11:2310/2810/28/20
BMO Capital analyst…
BMO Capital analyst Jackie Przybylowski lowered the firm's price target on Teck Resources to C$21 from C$23 and keeps a Market Perform rating on the shares.
Teck Resources price target raised to C$23.50 from C$23 at Raymond James » 11:0310/2810/28/20
Raymond James analyst…
Raymond James analyst Brian MacArthur raised the firm's price target on Teck Resources to C$23.50 from C$23 and keeps an Outperform rating on the shares.
Teck Resources price target lowered to C$24 from C$25 at TD Securities » 10:3610/2810/28/20
TD Securities analyst…
TD Securities analyst Greg Barnes lowered the firm's price target on Teck Resources to C$24 from C$25 and keeps an Action List Buy rating on the shares.
Teck Resources reports Q3 adj. EPS C$0.24 vs. C$0.69 last year » 05:1110/2710/27/20
Reports Q3 revenue…
Reports Q3 revenue C$2.29B vs. C$3.04B last year. "We made significant progress during the quarter on our priority projects, including safely ramping back up construction at our QB2 project and advancing the Neptune Bulk Terminals upgrade in line with schedule and budget. Our financial performance recovered strongly from a second quarter that was significantly negatively impacted by COVID-19, and despite the decline in realized steelmaking coal prices, we posted gains in profitability and operating cash flows," said Don Lindsay, president and CEO. "Across our business, our people have adapted to the new normal of operating through the pandemic, staying focused on health and safety while continuing to responsibly produce materials essential to the global economic recovery."
|Over a month ago|
Teck Resources call volume above normal and directionally bullish » 15:4510/2010/20/20
Bullish option flow…
Bullish option flow detected in Teck Resources with 13,161 calls trading, 1.3x expected, and implied vol increasing over 1 point to 67.99%. 10/23 weekly 14 calls and Nov-20 15 calls are the most active options, with total volume in those strikes near 4,000 contracts. The Put/Call Ratio is 0.16. Earnings are expected on October 27th.