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

Teck Resources Limited (NYSE:TECKGet Rating) (TSE:TECK) – Analysts at Raymond James dropped their Q2 2022 earnings estimates for shares of Teck Resources in a report issued on Tuesday, July 19th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings per share of $2.56 for the quarter, down from their previous forecast of $2.65. The consensus estimate for Teck Resources’ current full-year earnings is $7.28 per share. Raymond James also issued estimates for Teck Resources’ Q3 2022 earnings at $1.45 EPS, Q4 2022 earnings at $1.30 EPS and FY2022 earnings at $7.60 EPS.

A number of other research firms also recently commented on TECK. Barclays reduced their price objective on shares of Teck Resources from C$50.00 to C$42.00 in a report on Tuesday. Morgan Stanley reaffirmed an “equal weight” rating on shares of Teck Resources in a report on Thursday, June 23rd. Scotiabank reduced their price objective on shares of Teck Resources from C$65.00 to C$57.00 in a report on Thursday, July 7th. Stifel Nicolaus reduced their price objective on shares of Teck Resources from C$68.00 to C$62.00 in a report on Tuesday. Finally, StockNews.com started coverage on shares of Teck Resources in a report on Thursday, March 31st. They set a “buy” rating for the company. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.65.

Teck Resources Price Performance

NYSE:TECK opened at $26.61 on Thursday. The company has a 50-day moving average of $35.71 and a 200-day moving average of $36.65. The company has a market capitalization of $13.88 billion, a price-to-earnings ratio of 4.41, a PEG ratio of 1.86 and a beta of 1.25. Teck Resources has a 52 week low of $19.32 and a 52 week high of $45.90. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.34 and a current ratio of 1.92.

Teck Resources (NYSE:TECKGet Rating) (TSE:TECK) last posted its quarterly earnings results on Wednesday, April 27th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.10. The company had revenue of $5.03 billion for the quarter, compared to analyst estimates of $5.01 billion. Teck Resources had a net margin of 25.82% and a return on equity of 18.76%. The business’s quarterly revenue was up 97.6% on a year-over-year basis. During the same period last year, the business posted $0.48 EPS.

Institutional Investors Weigh In On Teck Resources

Institutional investors have recently modified their holdings of the business. Kestra Advisory Services LLC acquired a new position in Teck Resources during the fourth quarter valued at approximately $436,000. Russell Investments Group Ltd. grew its holdings in Teck Resources by 5.4% during the fourth quarter. Russell Investments Group Ltd. now owns 600,101 shares of the basic materials company’s stock valued at $17,304,000 after purchasing an additional 30,949 shares during the period. K.J. Harrison & Partners Inc grew its holdings in Teck Resources by 0.8% during the fourth quarter. K.J. Harrison & Partners Inc now owns 166,585 shares of the basic materials company’s stock valued at $4,794,000 after purchasing an additional 1,400 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Teck Resources by 38.4% in the fourth quarter. Van ECK Associates Corp now owns 124,091 shares of the basic materials company’s stock valued at $3,577,000 after buying an additional 34,410 shares during the period. Finally, Zweig DiMenna Associates LLC acquired a new position in shares of Teck Resources in the fourth quarter valued at approximately $10,779,000. Institutional investors and hedge funds own 55.81% of the company’s stock.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th were given a dividend of $0.10 per share. This is a boost from Teck Resources’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Tuesday, June 14th. This represents a $0.40 annualized dividend and a dividend yield of 1.50%. Teck Resources’s payout ratio is currently 6.63%.

About Teck Resources

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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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