Research Analysts Issue Forecasts for Teck Resources Limited’s Q1 2024 Earnings (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Equities researchers at B. Riley dropped their Q1 2024 EPS estimates for shares of Teck Resources in a note issued to investors on Tuesday, April 16th. B. Riley analyst L. Pipes now expects that the basic materials company will post earnings per share of $0.50 for the quarter, down from their prior forecast of $0.70. The consensus estimate for Teck Resources’ current full-year earnings is $3.43 per share. B. Riley also issued estimates for Teck Resources’ Q2 2024 earnings at $0.35 EPS, Q3 2024 earnings at $0.47 EPS, Q4 2024 earnings at $0.28 EPS and FY2024 earnings at $1.59 EPS.

TECK has been the topic of a number of other research reports. UBS Group began coverage on Teck Resources in a research report on Tuesday, January 16th. They set a “buy” rating on the stock. Morgan Stanley reiterated an “overweight” rating and set a $55.00 target price on shares of Teck Resources in a research report on Thursday, April 11th. JPMorgan Chase & Co. increased their target price on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Benchmark increased their target price on Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $64.36.

Teck Resources Trading Down 1.2 %

Shares of NYSE:TECK opened at $47.13 on Thursday. Teck Resources has a 1 year low of $34.38 and a 1 year high of $50.46. The firm has a market capitalization of $24.06 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 6.64 and a beta of 1.15. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.10 and a quick ratio of 0.60. The business’s 50 day moving average price is $42.99 and its 200-day moving average price is $40.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.01. The business had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.11 billion. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.0925 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.37 annualized dividend and a dividend yield of 0.79%. Teck Resources’s dividend payout ratio is presently 10.79%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Teck Resources by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 16,431,096 shares of the basic materials company’s stock worth $694,542,000 after acquiring an additional 457,592 shares during the period. FIL Ltd increased its position in shares of Teck Resources by 98.8% during the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after purchasing an additional 5,933,226 shares during the last quarter. Boston Partners increased its position in shares of Teck Resources by 28.8% during the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock worth $484,995,000 after purchasing an additional 2,432,378 shares during the last quarter. Norges Bank acquired a new stake in shares of Teck Resources during the 4th quarter worth about $291,283,000. Finally, Mackenzie Financial Corp increased its position in shares of Teck Resources by 45.7% during the 4th quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock worth $280,491,000 after purchasing an additional 2,080,295 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.