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

Teck Resources Limited (NYSE:TECKFree Report) (TSE:TECK) – Equities research analysts at B. Riley increased their Q2 2024 earnings per share estimates for shares of Teck Resources in a research report issued to clients and investors on Tuesday, July 9th. B. Riley analyst L. Pipes now forecasts that the basic materials company will earn $0.59 per share for the quarter, up from their prior estimate of $0.44. The consensus estimate for Teck Resources’ current full-year earnings is $2.17 per share. B. Riley also issued estimates for Teck Resources’ Q3 2024 earnings at $0.60 EPS.

TECK has been the topic of several other reports. JPMorgan Chase & Co. lifted their price target on shares of Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Benchmark increased their price target on Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Finally, Morgan Stanley boosted their price target on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, June 21st. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.80.

Read Our Latest Research Report on TECK

Teck Resources Price Performance

NYSE TECK opened at $49.67 on Thursday. Teck Resources has a 12-month low of $34.38 and a 12-month high of $55.13. The firm’s 50 day moving average is $49.89 and its 200-day moving average is $44.89. The company has a market capitalization of $25.37 billion, a PE ratio of 21.98, a price-to-earnings-growth ratio of 10.87 and a beta of 1.05. The company has a quick ratio of 0.86, a current ratio of 1.49 and a debt-to-equity ratio of 0.20.

Teck Resources (NYSE:TECKGet Free Report) (TSE:TECK) last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.31). Teck Resources had a net margin of 10.59% and a return on equity of 7.52%. The firm had revenue of $2.96 billion during the quarter, compared to analyst estimates of $2.99 billion.

Hedge Funds Weigh In On Teck Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Ninety One SA PTY Ltd boosted its position in shares of Teck Resources by 45.1% in the fourth quarter. Ninety One SA PTY Ltd now owns 147,093 shares of the basic materials company’s stock valued at $6,236,000 after acquiring an additional 45,750 shares during the period. Mackenzie Financial Corp raised its position in shares of Teck Resources by 45.7% in the fourth quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock valued at $280,491,000 after buying an additional 2,080,295 shares in the last quarter. AGF Management Ltd. boosted its stake in shares of Teck Resources by 13.4% in the fourth quarter. AGF Management Ltd. now owns 136,376 shares of the basic materials company’s stock valued at $5,785,000 after buying an additional 16,141 shares during the period. Douglas Lane & Associates LLC grew its position in Teck Resources by 54.3% during the fourth quarter. Douglas Lane & Associates LLC now owns 663,366 shares of the basic materials company’s stock worth $28,040,000 after buying an additional 233,361 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Teck Resources by 37.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,935,979 shares of the basic materials company’s stock worth $81,966,000 after acquiring an additional 526,611 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 17th were issued a $0.0911 dividend. The ex-dividend date was Monday, June 17th. This represents a $0.36 annualized dividend and a yield of 0.73%. Teck Resources’s dividend payout ratio is currently 15.93%.

About Teck Resources

(Get Free Report)

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.

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Earnings History and Estimates for Teck Resources (NYSE:TECK)

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