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

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Stock analysts at Raymond James increased their Q2 2024 earnings per share estimates for Teck Resources in a research note issued to investors on Monday, April 22nd. Raymond James analyst B. Macarthur now expects 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.

A number of other brokerages have also recently weighed in on TECK. Morgan Stanley reiterated an “overweight” rating and issued a $55.00 target price on shares of Teck Resources in a report on Thursday, April 11th. Benchmark lifted their target price on Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a report on Monday, April 8th. JPMorgan Chase & Co. raised their price objective on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Finally, UBS Group began coverage on Teck Resources in a research report 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $62.80.

Teck Resources Price Performance

TECK stock opened at $49.51 on Thursday. Teck Resources has a 52-week low of $34.38 and a 52-week high of $50.46. The stock has a market capitalization of $25.27 billion, a price-to-earnings ratio of 14.44, a price-to-earnings-growth ratio of 6.61 and a beta of 1.15. 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’s fifty day simple moving average is $43.48 and its 200-day simple moving average is $40.28.

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

Institutional Trading of Teck Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Teck Resources by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 16,431,096 shares of the basic materials company’s stock worth $694,542,000 after acquiring an additional 457,592 shares during the last quarter. FIL Ltd increased its position in shares of Teck Resources by 98.8% during the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after acquiring an additional 5,933,226 shares during the last quarter. Boston Partners increased its position in shares of Teck Resources by 28.8% during the fourth quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock worth $484,995,000 after acquiring an additional 2,432,378 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of Teck Resources by 45.7% during the fourth quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock worth $280,491,000 after acquiring an additional 2,080,295 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in shares of Teck Resources by 2.8% during the fourth quarter. CIBC Asset Management Inc now owns 6,388,652 shares of the basic materials company’s stock worth $270,918,000 after acquiring an additional 174,492 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.0925 per share. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date was Thursday, March 14th. Teck Resources’s 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.