Teck Resources Limited (NYSE:TECK) Expected to Post Q2 2024 Earnings of $0.69 Per Share

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Research analysts at Raymond James increased their Q2 2024 earnings per share estimates for shares of Teck Resources in a research note issued on Thursday, April 25th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings per share of $0.69 for the quarter, up from their prior estimate of $0.64. The consensus estimate for Teck Resources’ current full-year earnings is $2.87 per share. Raymond James also issued estimates for Teck Resources’ Q4 2024 earnings at $0.41 EPS, Q1 2025 earnings at $0.37 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.41 EPS, Q4 2025 earnings at $0.42 EPS and FY2025 earnings at $1.58 EPS.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.01. Teck Resources had a return on equity of 7.70% and a net margin of 10.59%. The company had revenue of $3.02 billion for the quarter, compared to the consensus estimate of $3.11 billion.

Several other equities research analysts have also recently weighed in on the company. UBS Group began coverage on Teck Resources in a research report on Tuesday, January 16th. They issued a “buy” rating for the company. JPMorgan Chase & Co. increased their price target on shares of Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Benchmark boosted 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, Morgan Stanley reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Teck Resources in a research report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Teck Resources presently has an average rating of “Moderate Buy” and an average target price of $57.86.

Teck Resources Stock Performance

TECK opened at $50.38 on Monday. 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 stock’s 50 day moving average price is $43.94 and its two-hundred day moving average price is $40.39. The firm has a market capitalization of $25.72 billion, a P/E ratio of 22.29, a price-to-earnings-growth ratio of 8.48 and a beta of 1.15. Teck Resources has a 12-month low of $34.38 and a 12-month high of $50.93.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $0.0925 dividend. This represents a $0.37 annualized dividend and a yield of 0.73%. The ex-dividend date of this dividend was Thursday, March 14th. Teck Resources’s dividend payout ratio (DPR) is presently 16.37%.

Institutional Investors Weigh In On Teck Resources

Several large investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC grew its holdings 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 worth $30,000 after purchasing an additional 386 shares during the last quarter. Baystate Wealth Management LLC acquired a new stake in shares of Teck Resources during the third quarter worth approximately $31,000. Creekmur Asset Management LLC bought a new position in shares of Teck Resources in the fourth quarter valued at approximately $35,000. JFS Wealth Advisors LLC grew its position 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. increased its holdings 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 valued at $41,000 after purchasing an additional 438 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

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.