Raymond James Equities Analysts Lower Earnings Estimates for Teck Resources Limited (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Investment analysts at Raymond James dropped their Q1 2024 earnings estimates for shares of Teck Resources in a report released on Tuesday, April 9th. Raymond James analyst B. Macarthur now expects that the basic materials company will earn $0.49 per share for the quarter, down from their prior forecast of $0.78. The consensus estimate for Teck Resources’ current full-year earnings is $3.56 per share. Raymond James also issued estimates for Teck Resources’ Q2 2024 earnings at $0.54 EPS, Q3 2024 earnings at $0.82 EPS and FY2024 earnings at $2.13 EPS.

A number of other research firms also recently weighed in on TECK. UBS Group started coverage on shares of Teck Resources in a report on Tuesday, January 16th. They set a “buy” rating on the stock. Morgan Stanley restated an “overweight” rating and set a $55.00 price target on shares of Teck Resources in a report on Thursday. Finally, Benchmark raised their target price on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.21.

Teck Resources Stock Down 1.4 %

Teck Resources stock opened at $47.90 on Friday. The company has a market capitalization of $24.45 billion, a P/E ratio of 13.97, a P/E/G ratio of 6.59 and a beta of 1.15. The firm’s fifty day simple moving average is $42.07 and its 200-day simple moving average is $39.96. The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21. Teck Resources has a 1-year low of $34.38 and a 1-year high of $50.46.

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

Institutional Trading of Teck Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Douglas Lane & Associates LLC boosted its position in shares of Teck Resources by 54.3% during the 4th quarter. Douglas Lane & Associates LLC now owns 663,366 shares of the basic materials company’s stock valued at $28,040,000 after acquiring an additional 233,361 shares in the last quarter. Pantechnicon Advisors LLP lifted its holdings in Teck Resources by 40.1% during the 3rd quarter. Pantechnicon Advisors LLP now owns 465,000 shares of the basic materials company’s stock valued at $20,037,000 after purchasing an additional 133,000 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Teck Resources by 29.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,303,700 shares of the basic materials company’s stock valued at $56,372,000 after purchasing an additional 295,700 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Teck Resources by 4.6% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 120,841 shares of the basic materials company’s stock valued at $5,191,000 after purchasing an additional 5,304 shares during the last quarter. Finally, Schechter Investment Advisors LLC lifted its holdings in Teck Resources by 17.7% during the 4th quarter. Schechter Investment Advisors LLC now owns 11,113 shares of the basic materials company’s stock valued at $470,000 after purchasing an additional 1,670 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.0925 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.37 annualized dividend and a yield of 0.77%. Teck Resources’s dividend payout ratio is 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.