Q2 2024 EPS Estimates for Teck Resources Limited (NYSE:TECK) Raised by Analyst

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Raymond James lifted 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 previous 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 data 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 analyst estimates of $3.11 billion.

TECK has been the topic of a number of other research reports. UBS Group began coverage on shares of Teck Resources in a report on Tuesday, January 16th. They set a “buy” rating on the stock. Morgan Stanley reissued an “overweight” rating and set a $55.00 price objective on shares of Teck Resources in a report on Thursday, April 11th. Benchmark increased their price objective on shares of Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $62.80.

Teck Resources Stock Up 9.0 %

Shares of NYSE TECK opened at $49.51 on Thursday. Teck Resources has a 12-month low of $34.38 and a 12-month high of $50.46. The firm’s 50-day simple moving average is $43.48 and its 200 day simple moving average is $40.28. The company has a quick ratio of 0.60, a current ratio of 1.10 and a debt-to-equity ratio of 0.21. The company has a market cap of $25.27 billion, a price-to-earnings ratio of 14.44, a price-to-earnings-growth ratio of 6.61 and a beta of 1.15.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TECK. Hexagon Capital Partners LLC boosted its stake 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 valued at $30,000 after purchasing an additional 386 shares during the last quarter. Baystate Wealth Management LLC bought a new position in Teck Resources during the 3rd quarter worth approximately $31,000. Creekmur Asset Management LLC bought a new position in Teck Resources during the 4th quarter worth approximately $35,000. JFS Wealth Advisors LLC boosted its stake in Teck Resources by 249.0% during the 3rd quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 600 shares during the last quarter. Finally, Optiver Holding B.V. boosted its stake in Teck Resources by 81.9% during the 4th quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 438 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.0925 dividend. This represents a $0.37 annualized dividend and a dividend yield of 0.75%. The ex-dividend date was Thursday, March 14th. Teck Resources’s dividend payout ratio (DPR) is presently 10.79%.

About Teck Resources

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.