FY2024 Earnings Estimate for Teck Resources Limited (NYSE:TECK) Issued By National Bank Financial

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – National Bank Financial reduced their FY2024 earnings per share (EPS) estimates for Teck Resources in a note issued to investors on Thursday, April 18th. National Bank Financial analyst S. Nagle now forecasts that the basic materials company will post earnings per share of $3.43 for the year, down from their prior forecast of $3.78. The consensus estimate for Teck Resources’ current full-year earnings is $3.33 per share.

A number of other brokerages have also weighed in on TECK. Morgan Stanley restated an “overweight” rating and set a $55.00 price objective on shares of Teck Resources in a research report on Thursday, April 11th. JPMorgan Chase & Co. raised their price objective on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. UBS Group began coverage on Teck Resources in a research report on Tuesday, January 16th. They set a “buy” rating for the company. Finally, Benchmark raised their price objective 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 equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.80.

Teck Resources Trading Down 0.7 %

Shares of Teck Resources stock opened at $45.54 on Monday. The firm has a market cap of $23.25 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 6.85 and a beta of 1.15. The business has a 50-day moving average price of $43.16 and a 200-day moving average price of $40.21. The company has a quick ratio of 0.60, a current ratio of 1.10 and a debt-to-equity ratio of 0.21. Teck Resources has a twelve month low of $34.38 and a twelve month high of $50.46.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, beating 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 return on equity of 9.67% and a net margin of 16.21%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of TECK. International Assets Investment Management LLC purchased a new position in shares of Teck Resources during the third quarter valued at approximately $427,000. Douglas Lane & Associates LLC boosted its position in shares of Teck Resources by 131.8% during the third quarter. Douglas Lane & Associates LLC now owns 430,005 shares of the basic materials company’s stock valued at $18,529,000 after buying an additional 244,510 shares during the period. Connective Portfolio Management LLC purchased a new position in shares of Teck Resources during the third quarter valued at approximately $560,000. Commonwealth Equity Services LLC boosted its position in shares of Teck Resources by 7.0% during the third quarter. Commonwealth Equity Services LLC now owns 22,013 shares of the basic materials company’s stock valued at $949,000 after buying an additional 1,433 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its position in shares of Teck Resources by 22.8% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 12,913 shares of the basic materials company’s stock valued at $556,000 after buying an additional 2,400 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $0.0925 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.37 annualized dividend and a yield of 0.81%. Teck Resources’s dividend payout ratio is currently 10.79%.

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.