Teck Resources Limited Forecasted to Post Q2 2024 Earnings of $0.64 Per Share (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Stock analysts at Raymond James increased their Q2 2024 earnings per share (EPS) estimates for shares of Teck Resources in a note issued to investors on Monday, April 22nd. Raymond James analyst B. Macarthur now anticipates that the basic materials company will post earnings of $0.64 per share for the quarter, up from their prior forecast of $0.54. The consensus estimate for Teck Resources’ current full-year earnings is $3.33 per share. Raymond James also issued estimates for Teck Resources’ Q3 2024 earnings at $0.89 EPS, Q4 2024 earnings at $0.38 EPS and FY2024 earnings at $2.39 EPS.

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, topping analysts’ consensus estimates of $1.01 by $0.01. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. The company had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.11 billion.

A number of other research firms have also recently commented on TECK. UBS Group began coverage on Teck Resources in a report on Tuesday, January 16th. They issued a “buy” rating on the stock. Morgan Stanley reissued an “overweight” rating and issued a $55.00 price target on shares of Teck Resources in a report on Thursday, April 11th. JPMorgan Chase & Co. lifted their price objective on Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Finally, Benchmark lifted their price objective on Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research note 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $62.80.

Teck Resources Stock Down 0.2 %

NYSE TECK opened at $45.43 on Thursday. The stock’s 50 day moving average is $43.33 and its 200 day moving average is $40.24. The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21. Teck Resources has a 12 month low of $34.38 and a 12 month high of $50.46. The stock has a market cap of $23.19 billion, a PE ratio of 13.24, a P/E/G ratio of 6.61 and a beta of 1.15.

Hedge Funds Weigh In On Teck Resources

Several hedge funds have recently bought and sold shares of the business. Wealthsource Partners LLC grew its position in Teck Resources by 4.0% in the 3rd quarter. Wealthsource Partners LLC now owns 7,747 shares of the basic materials company’s stock valued at $334,000 after acquiring an additional 300 shares during the last quarter. First Hawaiian Bank lifted its holdings in shares of Teck Resources by 6.0% in the 1st quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock worth $254,000 after buying an additional 313 shares during the period. Shell Asset Management Co. lifted its holdings in shares of Teck Resources by 2.9% in the 3rd quarter. Shell Asset Management Co. now owns 13,649 shares of the basic materials company’s stock worth $590,000 after buying an additional 386 shares during the period. Hexagon Capital Partners LLC lifted its holdings in shares of Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after buying an additional 386 shares during the period. Finally, Allworth Financial LP lifted its holdings in shares of Teck Resources by 17.9% in the 3rd quarter. Allworth Financial LP now owns 2,558 shares of the basic materials company’s stock worth $110,000 after buying an additional 388 shares during the period. Institutional investors own 78.06% of the company’s stock.

Teck Resources Cuts Dividend

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

Teck Resources Company Profile

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.