Raymond James Weighs in on Teck Resources Limited’s FY2023 Earnings (NYSE:TECK)

Teck Resources Limited (NYSE:TECKGet Rating) (TSE:TECK) – Analysts at Raymond James increased their FY2023 earnings per share estimates for Teck Resources in a research report issued on Tuesday, April 19th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings per share of $4.87 for the year, up from their prior forecast of $4.31.

Teck Resources (NYSE:TECKGet Rating) (TSE:TECK) last issued its quarterly earnings data on Thursday, February 24th. The basic materials company reported $2.02 EPS for the quarter, missing the consensus estimate of $2.04 by ($0.02). Teck Resources had a return on equity of 13.80% and a net margin of 21.23%. The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same quarter in the prior year, the company posted $0.35 earnings per share. The business’s revenue was up 72.1% compared to the same quarter last year.

Other equities analysts have also issued reports about the stock. Canaccord Genuity Group lowered shares of Teck Resources from a “buy” rating to a “hold” rating in a report on Tuesday. B. Riley upped their target price on shares of Teck Resources from C$42.00 to C$48.00 in a research note on Thursday, February 3rd. The Goldman Sachs Group raised shares of Teck Resources from a “neutral” rating to a “buy” rating and set a $51.00 target price on the stock in a research note on Wednesday, March 9th. BMO Capital Markets dropped their price objective on shares of Teck Resources from C$61.00 to C$57.00 in a research report on Tuesday, April 12th. Finally, Stifel Nicolaus increased their target price on shares of Teck Resources from C$57.00 to C$68.00 in a research report on Thursday, March 17th. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $50.68.

Shares of TECK stock opened at $40.05 on Friday. The firm’s 50 day moving average price is $39.32 and its 200-day moving average price is $32.68. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.99 and a current ratio of 1.62. Teck Resources has a one year low of $19.32 and a one year high of $44.93. The firm has a market cap of $21.13 billion, a P/E ratio of 9.51, a P/E/G ratio of 0.15 and a beta of 1.19.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Dodge & Cox raised its position in Teck Resources by 3.6% during the fourth quarter. Dodge & Cox now owns 24,098,340 shares of the basic materials company’s stock valued at $694,514,000 after acquiring an additional 829,000 shares in the last quarter. Soroban Capital Partners LP acquired a new position in Teck Resources during the fourth quarter valued at approximately $318,590,000. Janus Henderson Group PLC grew its holdings in Teck Resources by 4.7% during the third quarter. Janus Henderson Group PLC now owns 9,265,488 shares of the basic materials company’s stock valued at $230,607,000 after purchasing an additional 417,123 shares during the last quarter. ANTIPODES PARTNERS Ltd grew its holdings in Teck Resources by 9.7% during the third quarter. ANTIPODES PARTNERS Ltd now owns 7,212,034 shares of the basic materials company’s stock valued at $179,651,000 after purchasing an additional 639,153 shares during the last quarter. Finally, Mackenzie Financial Corp grew its holdings in Teck Resources by 22.2% during the third quarter. Mackenzie Financial Corp now owns 5,793,954 shares of the basic materials company’s stock valued at $143,993,000 after purchasing an additional 1,053,127 shares during the last quarter. Institutional investors own 54.12% of the company’s stock.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 31st. Investors of record on Tuesday, March 15th were issued a $0.0981 dividend. This represents a $0.39 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date was Monday, March 14th. This is a boost from Teck Resources’s previous quarterly dividend of $0.04. Teck Resources’s dividend payout ratio (DPR) is 9.26%.

Teck Resources Company Profile (Get Rating)

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, Energy, and Corporate segments. The company's principal products include steelmaking coal; copper, gold, blended bitumen, lead, silver, molybdenum, zinc, and zinc concentrates; chemicals, fertilizers, and other metals.

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Earnings History and Estimates for Teck Resources (NYSE:TECK)

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