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Teck Resources Ltd (TECK) Moves 8.2% Higher: Will This Strength Last?
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Teck Resources Ltd (TECK - Free Report) shares soared 8.2% in the last trading session to close at $45.68. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 14.1% gain over the past four weeks.
Shares of Teck Resources have gained on the back of rise in copper prices. Copper futures for May delivery gained 3.26% to close at $4.06 per pound on Mar 13, 2024, levels last seen in April 2023 on reports that China is planning to reduce output. China’s top copper smelters have jointly agreed to cut down production at unprofitable plants due to raw material shortages.
Also, per a recent Reuters report, Teck Resources is considering building a lithium-ion battery recycling facility in British Columbia. Should it come to fruition, this facility would be the largest recycling plant on North America's western coast with a capacity to recycle the equivalent of 35,000 metric tons of battery material annual. It is expected that the facility would process batteries from roughly 140,000 electric vehicles each year.
This company is expected to post quarterly earnings of $1.09 per share in its upcoming report, which represents a year-over-year change of -17.4%. Revenues are expected to be $3.03 billion, up 8.3% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Teck Resources Ltd, the consensus EPS estimate for the quarter has been revised 7.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on TECK going forward to see if this recent jump can turn into more strength down the road.
Teck Resources Ltd belongs to the Zacks Mining - Miscellaneous industry. Another stock from the same industry, MP Materials Corp. (MP - Free Report) , closed the last trading session 5.1% lower at $14.05. Over the past month, MP has returned -4.1%.
MP Materials Corp.'s consensus EPS estimate for the upcoming report has changed +25% over the past month to $0.01. Compared to the company's year-ago EPS, this represents a change of -96.3%. MP Materials Corp. currently boasts a Zacks Rank of #4 (Sell).
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Teck Resources Ltd (TECK) Moves 8.2% Higher: Will This Strength Last?
Teck Resources Ltd (TECK - Free Report) shares soared 8.2% in the last trading session to close at $45.68. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 14.1% gain over the past four weeks.
Shares of Teck Resources have gained on the back of rise in copper prices. Copper futures for May delivery gained 3.26% to close at $4.06 per pound on Mar 13, 2024, levels last seen in April 2023 on reports that China is planning to reduce output. China’s top copper smelters have jointly agreed to cut down production at unprofitable plants due to raw material shortages.
Also, per a recent Reuters report, Teck Resources is considering building a lithium-ion battery recycling facility in British Columbia. Should it come to fruition, this facility would be the largest recycling plant on North America's western coast with a capacity to recycle the equivalent of 35,000 metric tons of battery material annual. It is expected that the facility would process batteries from roughly 140,000 electric vehicles each year.
This company is expected to post quarterly earnings of $1.09 per share in its upcoming report, which represents a year-over-year change of -17.4%. Revenues are expected to be $3.03 billion, up 8.3% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Teck Resources Ltd, the consensus EPS estimate for the quarter has been revised 7.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on TECK going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Teck Resources Ltd belongs to the Zacks Mining - Miscellaneous industry. Another stock from the same industry, MP Materials Corp. (MP - Free Report) , closed the last trading session 5.1% lower at $14.05. Over the past month, MP has returned -4.1%.
MP Materials Corp.'s consensus EPS estimate for the upcoming report has changed +25% over the past month to $0.01. Compared to the company's year-ago EPS, this represents a change of -96.3%. MP Materials Corp. currently boasts a Zacks Rank of #4 (Sell).