Teck Resources Limited (NYSE:TECK) Forecasted to Post Q1 2024 Earnings of $0.50 Per Share

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – B. Riley cut their Q1 2024 earnings estimates for Teck Resources in a research report issued on Tuesday, April 16th. B. Riley analyst L. Pipes now forecasts that the basic materials company will post earnings of $0.50 per share for the quarter, down from their prior forecast of $0.70. The consensus estimate for Teck Resources’ current full-year earnings is $3.51 per share. B. Riley also issued estimates for Teck Resources’ Q2 2024 earnings at $0.35 EPS, Q3 2024 earnings at $0.47 EPS, Q4 2024 earnings at $0.28 EPS and FY2024 earnings at $1.59 EPS.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.01. The firm had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3.11 billion. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%.

A number of other research firms have also recently issued reports on TECK. UBS Group began coverage on shares of Teck Resources in a research note on Tuesday, January 16th. They issued a “buy” rating for the company. JPMorgan Chase & Co. boosted their price objective on shares of Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday. Morgan Stanley restated an “overweight” rating and issued a $55.00 price objective on shares of Teck Resources in a research note on Thursday, April 11th. Finally, 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 research note on Monday, April 8th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $65.04.

Teck Resources Price Performance

NYSE TECK opened at $47.20 on Thursday. 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 has a market capitalization of $24.10 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 6.49 and a beta of 1.15. The company has a 50 day moving average price of $42.60 and a two-hundred day moving average price of $40.07. Teck Resources has a 12-month low of $34.38 and a 12-month high of $50.46.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.0925 per share. This represents a $0.37 annualized dividend and a yield of 0.78%. The ex-dividend date was Thursday, March 14th. Teck Resources’s payout ratio is currently 10.79%.

Hedge Funds Weigh In On Teck Resources

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Teck Resources by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 16,431,096 shares of the basic materials company’s stock valued at $694,542,000 after purchasing an additional 457,592 shares during the last quarter. FIL Ltd raised its stake in Teck Resources by 98.8% during the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after purchasing an additional 5,933,226 shares during the last quarter. Boston Partners raised its stake in Teck Resources by 28.8% during the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock valued at $484,995,000 after purchasing an additional 2,432,378 shares during the last quarter. Norges Bank acquired a new position in Teck Resources during the 4th quarter valued at $291,283,000. Finally, Mackenzie Financial Corp raised its stake in Teck Resources by 45.7% during the 4th quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock valued at $280,491,000 after purchasing an additional 2,080,295 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.