Teck Resources Limited (TECK) Rated as a 'Buy' at Benchmark on Q2 Results

Teck Resources Limited (NYSE:TECK) is one of the top copper stocks to buy, according to hedge funds. On July 28, analysts at Benchmark reiterated a ‘Buy’ rating on the stock but cut their price target to $48 from $55.

The price target adjustment follows the company’s second-quarter results, whereby adjusted EBITDA came in at C$722 million, below consensus estimates of C$730 million. The earnings miss came as strong performance in the Zinc segment offset lower copper sales. Second-quarter revenue totaled C$2.0 billion, with an adjusted EBITDA of C$722 million.

During the quarter, the company faced operational challenges at its QB copper project as development work at the Tailings Management facility limited online time. Sales were also affected by trailed production due to a shipload outage, forcing Teck Resources to lower its full-year production for the QB project. Consequently, the company produced 109,100 tons of copper.

The Teck Resources board has approved the Highland Valley Copper Mine Life Extension, expected to produce an average of 132,000 metric tons of copper annually from 2028 to 2046 for C$2.1 billion to C$2.4 billion.

Teck Resources Limited (NYSE:TECK) is a Canadian mining company that explores, develops, and produces various minerals. It focuses on producing essential metals for global development and the energy transition, including copper and zinc.

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Disclosure: None. This article is originally published at Insider Monkey.