Zacks Research Predicts Reduced Earnings for Teck Resources

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Equities researchers at Zacks Research decreased their FY2024 earnings per share estimates for shares of Teck Resources in a report released on Wednesday, February 19th. Zacks Research analyst M. Das now expects that the basic materials company will earn $1.63 per share for the year, down from their previous forecast of $1.67. The consensus estimate for Teck Resources’ current full-year earnings is $1.53 per share. Zacks Research also issued estimates for Teck Resources’ Q4 2024 earnings at $0.15 EPS, Q3 2026 earnings at $0.40 EPS, Q4 2026 earnings at $0.30 EPS and FY2026 earnings at $1.28 EPS.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.58 billion.

TECK has been the subject of several other reports. Raymond James reduced their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. reduced their target price on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Finally, National Bank Financial downgraded shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.38.

Teck Resources Price Performance

Shares of Teck Resources stock opened at $41.12 on Friday. The business has a 50 day simple moving average of $41.95 and a two-hundred day simple moving average of $45.72. Teck Resources has a 12 month low of $37.30 and a 12 month high of $55.13. The stock has a market capitalization of $20.51 billion, a P/E ratio of 74.76 and a beta of 1.02. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.0879 per share. The ex-dividend date is Friday, March 14th. This represents a $0.35 annualized dividend and a yield of 0.86%. Teck Resources’s dividend payout ratio (DPR) is 63.64%.

Institutional Investors Weigh In On Teck Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Stonebridge Financial Group LLC acquired a new stake in Teck Resources during the fourth quarter worth $25,000. Global Trust Asset Management LLC acquired a new stake in shares of Teck Resources during the 4th quarter worth about $27,000. FPC Investment Advisory Inc. acquired a new stake in shares of Teck Resources during the fourth quarter valued at about $27,000. Community Bank N.A. acquired a new stake in shares of Teck Resources during the fourth quarter valued at about $33,000. Finally, Eastern Bank acquired a new stake in shares of Teck Resources during the third quarter valued at about $39,000. 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.