Teck Resources Limited Forecasted to Post Q2 2024 Earnings of $0.64 Per Share (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Equities research analysts at Raymond James upped their Q2 2024 earnings per share estimates for Teck Resources in a research note issued on Monday, April 22nd. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings per share of $0.64 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 released its earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.01. The business had revenue of $3.02 billion for the quarter, compared to the consensus estimate of $3.11 billion. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%.

A number of other equities analysts also recently commented on TECK. Morgan Stanley reiterated an “overweight” rating and set a $55.00 price objective on shares of Teck Resources in a research report on Thursday, April 11th. UBS Group started coverage on Teck Resources in a research report on Tuesday, January 16th. They set a “buy” rating on the stock. Benchmark lifted their price objective on Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. lifted their price objective on Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $62.80.

Teck Resources Stock Performance

NYSE TECK opened at $45.43 on Thursday. Teck Resources has a 1-year low of $34.38 and a 1-year high of $50.46. The company has a market cap of $23.19 billion, a PE ratio of 13.24, a price-to-earnings-growth ratio of 6.61 and a beta of 1.15. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.10 and a quick ratio of 0.60. The stock’s 50 day simple moving average is $43.33 and its 200-day simple moving average is $40.24.

Institutional Investors Weigh In On Teck Resources

A number of institutional investors have recently modified their holdings of the company. Assenagon Asset Management S.A. grew its stake in shares of Teck Resources by 3.2% in the first quarter. Assenagon Asset Management S.A. now owns 15,263 shares of the basic materials company’s stock valued at $699,000 after buying an additional 470 shares in the last quarter. Mason & Associates Inc acquired a new stake in shares of Teck Resources in the first quarter valued at $348,000. Raymond James & Associates grew its stake in shares of Teck Resources by 1.1% in the first quarter. Raymond James & Associates now owns 315,825 shares of the basic materials company’s stock valued at $14,458,000 after buying an additional 3,485 shares in the last quarter. Maryland State Retirement & Pension System grew its stake in shares of Teck Resources by 1.8% in the first quarter. Maryland State Retirement & Pension System now owns 48,111 shares of the basic materials company’s stock valued at $2,267,000 after buying an additional 864 shares in the last quarter. Finally, Tradewinds Capital Management LLC acquired a new stake in shares of Teck Resources in the first quarter valued at $114,000. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a dividend of $0.0925 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.37 annualized dividend and a yield of 0.81%. Teck Resources’s dividend payout ratio (DPR) is 10.79%.

Teck Resources Company Profile

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.