Commodities Are Mixed in the Early Hours on July 21
On July 21, crude oil opened the day lower and traded with weakness in the early hours. The market sentiment is mixed this week amid supply concerns.
Previously in this series, we’ve looked at Teck Resources’ (TECK) 2Q17 earnings estimates. In this article, we’ll see how brokerages ar rating the stock ahead of its 2Q17 earnings release.
Teck Resources (TECK), the Canada-based diversified miner (EWC), is scheduled to release its 2Q17 earnings on July 25.
In this series, we’ll explore what Wall Street analysts expect from Teck Resources’ 2Q17 earnings. We’ll also see how analysts are rating the stock ahead of its 2Q17 earnings release.
Last week, crude oil regained strength amid expectations of improved global demand for oil in 2H17. Crude oil opened this week on a mixed note.
Crude oil opened the week on a mixed note by pulling back on Monday. Oil opened higher on July 19 and traded with strength in the early hours.
Crude oil regained strength last week amid expectations of improved global demand for oil in 2H17. It opened higher on July 18 and traded with strength.
Issues ranging from a labor impasse to frictions with the Indonesian government have hit Freeport’s Indonesian operations.
Freeport has received a consensus price target of $14.32 from 18 analysts. It’s trading 13.6% below its consensus price target.
Analysts expect Freeport McMoRan to post revenues of $3.7 billion in 2Q17. It posted revenues of $3.34 billion in 1Q17 and $3.33 billion in 2Q16.
According to consensus estimates compiled by Thomson Reuters, Freeport-McMoRan is expected to post adjusted EBITDA of $1.3 billion in 2Q17.
Freeport-McMoRan (FCX), the world’s second-largest copper producer, is expected to release its 2Q17 earnings on July 25, 2017. It’s been a lackluster year so far.
Crude oil regained strength last week. In the early hours on Monday, crude oil is trading with mixed sentiment and below the opening price.
On Friday, the weaker dollar is supporting commodities. Platinum and palladium are strong in the early hours.
After gaining for three trading days, crude oil prices are weaker on July 13. Crude oil opened the day with dented sentiment and traded with weakness.
Previously in this series, we’ve looked at some of Teck Resources’ (TECK) long-term growth projects. But it’s also important to look at a stock’s valuation multiples.
The metals and mining space had experienced some turmoil over the last couple of years. Low commodity prices and high leverage ratios have put many growth projects on hold.
According to the Hindustan Times, a leading Indian newspaper, “India is in talks with Canada’s Teck Resources Ltd, the largest North American producer of coking coal used to make steel….”
Teck Resources (TECK) is having a dismal 2017. Based on its July 7, 2017, closing price, the stock has fallen 11.8% this year.
After pulling back last week amid supply concerns, crude oil started this week on a weaker note. Crude oil is trading with weakness in the early hours.