Raymond James Equities Analysts Cut Earnings Estimates for Teck Resources Limited (NYSE:TECK)

Teck Resources Limited (NYSE:TECKGet Rating) (TSE:TECK) – Equities researchers at Raymond James cut their Q2 2022 EPS estimates for shares of Teck Resources in a report released on Wednesday, April 27th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings per share of $2.01 for the quarter, down from their previous estimate of $2.15. Raymond James also issued estimates for Teck Resources’ Q3 2022 earnings at $1.52 EPS, Q4 2022 earnings at $1.39 EPS, FY2022 earnings at $7.24 EPS and FY2023 earnings at $4.55 EPS.

Several other analysts have also recently commented on the stock. National Bank Financial raised their target price on shares of Teck Resources from C$60.00 to C$65.00 in a research note on Tuesday, April 19th. Scotiabank lifted their price target on shares of Teck Resources from C$64.00 to C$65.00 in a report on Thursday. StockNews.com assumed coverage on shares of Teck Resources in a research report on Thursday, March 31st. They issued a “buy” rating on the stock. Canaccord Genuity Group cut shares of Teck Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, April 19th. Finally, Canaccord Genuity Group reduced their target price on shares of Teck Resources from C$54.00 to C$53.00 in a research report on Thursday. Five analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Teck Resources currently has a consensus rating of “Buy” and an average price target of $51.55.

Shares of NYSE:TECK opened at $39.46 on Monday. Teck Resources has a 52 week low of $19.32 and a 52 week high of $44.93. The company’s 50 day moving average is $39.54 and its two-hundred day moving average is $33.22. The company has a current ratio of 1.62, a quick ratio of 0.99 and a debt-to-equity ratio of 0.30. The company has a market cap of $20.82 billion, a PE ratio of 6.54, a P/E/G ratio of 0.13 and a beta of 1.19.

Teck Resources (NYSE:TECKGet Rating) (TSE:TECK) last posted its earnings results on Wednesday, April 27th. The basic materials company reported $2.96 earnings per share for the quarter, beating the consensus estimate of $1.87 by $1.09. Teck Resources had a net margin of 25.82% and a return on equity of 19.21%. The company had revenue of $5.03 billion for the quarter, compared to analyst estimates of $5.01 billion. During the same period in the previous year, the business posted $0.48 EPS. Teck Resources’s revenue was up 97.6% on a year-over-year basis.

Several large investors have recently made changes to their positions in TECK. Soroban Capital Partners LP bought a new position in Teck Resources during the fourth quarter worth about $318,590,000. Norges Bank acquired a new stake in Teck Resources in the 4th quarter valued at approximately $127,516,000. ANTIPODES PARTNERS Ltd raised its position in Teck Resources by 330.9% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 3,962,472 shares of the basic materials company’s stock valued at $160,044,000 after buying an additional 3,042,942 shares during the last quarter. Natixis acquired a new position in shares of Teck Resources during the 3rd quarter worth approximately $67,513,000. Finally, Davis Selected Advisers acquired a new position in shares of Teck Resources during the 3rd quarter worth approximately $62,145,000. Institutional investors own 54.12% of the company’s stock.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, June 14th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.10. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.01%. Teck Resources’s dividend payout ratio (DPR) is 6.47%.

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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