Teck Resources FY2024 EPS Lowered by National Bank Financial

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Equities researchers at National Bank Financial decreased their FY2024 earnings estimates for shares of Teck Resources in a research report issued to clients and investors on Monday, December 9th. National Bank Financial analyst S. Nagle now forecasts that the basic materials company will post earnings per share of $1.70 for the year, down from their prior forecast of $1.82. National Bank Financial has a “Sector Perform” rating on the stock. The consensus estimate for Teck Resources’ current full-year earnings is $1.82 per share. National Bank Financial also issued estimates for Teck Resources’ FY2027 earnings at $1.36 EPS.

Several other equities analysts have also recently weighed in on TECK. JPMorgan Chase & Co. dropped their price target on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. UBS Group downgraded Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Citigroup upgraded shares of Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a report on Friday, October 25th. Six research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Teck Resources currently has a consensus rating of “Moderate Buy” and an average price target of $65.29.

Teck Resources Stock Performance

NYSE:TECK opened at $45.49 on Wednesday. The firm has a market capitalization of $23.30 billion, a P/E ratio of 68.92 and a beta of 1.03. Teck Resources has a twelve month low of $36.50 and a twelve month high of $55.13. The company has a fifty day moving average of $47.97 and a 200-day moving average of $48.06. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.24. The firm had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The business’s quarterly revenue was down 20.6% on a year-over-year basis. During the same period last year, the company posted $0.57 EPS.

Hedge Funds Weigh In On Teck Resources

Several hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC purchased a new stake in shares of Teck Resources in the 2nd quarter worth about $38,000. Eastern Bank bought a new position in Teck Resources in the third quarter worth about $39,000. Wilmington Savings Fund Society FSB bought a new stake in Teck Resources during the 3rd quarter valued at approximately $40,000. Bruce G. Allen Investments LLC grew its holdings in shares of Teck Resources by 77.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after acquiring an additional 383 shares during the period. Finally, Blue Trust Inc. raised its position in shares of Teck Resources by 583.1% in the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after acquiring an additional 898 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.0895 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.79%. The ex-dividend date of this dividend is Friday, December 13th. Teck Resources’s dividend payout ratio (DPR) is 56.06%.

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.