B. Riley Analysts Reduce Earnings Estimates for Teck Resources Limited (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Equities research analysts at B. Riley lowered their Q1 2024 EPS estimates for Teck Resources in a research note issued to investors on Tuesday, April 9th. B. Riley analyst L. Pipes now forecasts that the basic materials company will post earnings per share of $0.70 for the quarter, down from their previous forecast of $0.84. The consensus estimate for Teck Resources’ current full-year earnings is $3.77 per share. B. Riley also issued estimates for Teck Resources’ Q4 2024 earnings at $0.47 EPS, FY2024 earnings at $2.78 EPS, FY2025 earnings at $1.69 EPS and FY2026 earnings at $1.35 EPS.

Other equities research analysts also recently issued reports about the stock. Morgan Stanley reiterated an “overweight” rating and issued a $55.00 price target on shares of Teck Resources in a research report on Thursday. Benchmark lifted their price objective on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Monday. Finally, UBS Group assumed coverage on shares of Teck Resources in a research note on Tuesday, January 16th. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Teck Resources currently has an average rating of “Moderate Buy” and a consensus price target of $65.21.

Teck Resources Stock Down 1.6 %

NYSE TECK opened at $48.57 on Thursday. 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 $50.30. The company has a 50 day moving average of $41.90 and a 200-day moving average of $39.91. The company has a market cap of $24.79 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 6.02 and a beta of 1.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share for the quarter, beating 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.

Teck Resources Cuts Dividend

The business 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 dividend on an annualized basis and a dividend yield of 0.76%. Teck Resources’s payout ratio is presently 10.79%.

Hedge Funds Weigh In On Teck Resources

A number of hedge funds have recently modified their holdings of the business. Money Concepts Capital Corp acquired a new position in Teck Resources in the fourth quarter valued at $29,000. Baystate Wealth Management LLC acquired a new position in Teck Resources in the third quarter valued at $31,000. Creekmur Asset Management LLC acquired a new position in Teck Resources in the fourth quarter valued at $35,000. JFS Wealth Advisors LLC raised its holdings in shares of Teck Resources by 249.0% during the third quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 600 shares during the period. Finally, Achmea Investment Management B.V. acquired a new position in shares of Teck Resources during the first quarter valued at about $37,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

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.