Teck Resources Limited to Post Q1 2024 Earnings of $0.93 Per Share, Raymond James Forecasts (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Raymond James decreased their Q1 2024 earnings per share (EPS) estimates for shares of Teck Resources in a research note issued to investors on Wednesday, November 15th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will earn $0.93 per share for the quarter, down from their prior forecast of $0.96. The consensus estimate for Teck Resources’ current full-year earnings is $3.83 per share. Raymond James also issued estimates for Teck Resources’ Q2 2024 earnings at $0.96 EPS, Q3 2024 earnings at $1.01 EPS and FY2024 earnings at $3.75 EPS.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Tuesday, October 24th. The basic materials company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.20). The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.77 billion. Teck Resources had a net margin of 15.78% and a return on equity of 9.11%.

A number of other research firms have also issued reports on TECK. Wolfe Research raised Teck Resources from a “peer perform” rating to an “outperform” rating in a report on Friday, November 10th. Scotiabank lowered Teck Resources from a “sector outperform” rating to a “sector perform” rating in a report on Tuesday, October 17th. Benchmark restated a “buy” rating and set a $50.00 price target on shares of Teck Resources in a research note on Wednesday, October 25th. JPMorgan Chase & Co. began coverage on shares of Teck Resources in a research report on Tuesday, October 17th. They issued an “overweight” rating and a $52.00 price objective on the stock. Finally, B. Riley cut their price objective on shares of Teck Resources from $78.00 to $63.00 and set a “buy” rating for the company in a research report on Thursday, October 26th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $62.91.

Teck Resources Trading Up 2.1 %

NYSE TECK opened at $36.04 on Friday. The firm’s fifty day moving average is $39.06 and its two-hundred day moving average is $40.72. Teck Resources has a one year low of $31.42 and a one year high of $49.34. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.68 and a current ratio of 1.20. The firm has a market cap of $18.46 billion, a PE ratio of 11.48, a P/E/G ratio of 4.49 and a beta of 1.07.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 1.39%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is currently 11.78%.

Institutional Investors Weigh In On Teck Resources

Several institutional investors have recently modified their holdings of TECK. Counterpoint Mutual Funds LLC acquired a new stake in Teck Resources in the 2nd quarter valued at about $126,000. Mission Wealth Management LP purchased a new stake in Teck Resources in the 2nd quarter valued at approximately $210,000. Credit Agricole S A grew its holdings in Teck Resources by 25.2% during the 2nd quarter. Credit Agricole S A now owns 3,971 shares of the basic materials company’s stock valued at $167,000 after buying an additional 800 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in Teck Resources by 186.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 114,745 shares of the basic materials company’s stock worth $4,754,000 after buying an additional 74,645 shares in the last quarter. Finally, Harvest Management LLC purchased a new stake in shares of Teck Resources in the second quarter valued at $253,000. Hedge funds and other institutional investors own 59.23% of the company’s stock.

About Teck Resources

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, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.