B. Riley Weighs in on Teck Resources Limited’s Q1 2024 Earnings (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Analysts at B. Riley reduced their Q1 2024 EPS estimates for shares of Teck Resources in a research note issued to investors on Tuesday, April 16th. B. Riley analyst L. Pipes now expects that the basic materials company will post earnings of $0.50 per share for the quarter, down from their prior forecast of $0.70. The consensus estimate for Teck Resources’ current full-year earnings is $3.51 per share. B. Riley also issued estimates for Teck Resources’ Q2 2024 earnings at $0.35 EPS, Q3 2024 earnings at $0.47 EPS, Q4 2024 earnings at $0.28 EPS and FY2024 earnings at $1.59 EPS.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results 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. The firm had revenue of $3.02 billion during the quarter, compared to analyst estimates of $3.11 billion. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%.

Several other analysts have also weighed in on the stock. Benchmark raised their price objective on shares of Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, April 8th. UBS Group began coverage on shares of Teck Resources in a report on Tuesday, January 16th. They issued a “buy” rating for the company. Morgan Stanley reissued an “overweight” rating and issued a $55.00 price target on shares of Teck Resources in a report on Thursday, April 11th. Finally, JPMorgan Chase & Co. raised their price target on shares of Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $64.36.

Teck Resources Stock Up 1.1 %

Shares of TECK opened at $47.73 on Thursday. The stock has a market cap of $24.37 billion, a price-to-earnings ratio of 13.92, a P/E/G ratio of 6.49 and a beta of 1.15. The company has a 50-day moving average price of $42.79 and a two-hundred day moving average price of $40.12. The company has a quick ratio of 0.60, a current ratio of 1.10 and a debt-to-equity ratio of 0.21. Teck Resources has a 12 month low of $34.38 and a 12 month high of $50.46.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Money Concepts Capital Corp bought a new position in shares of Teck Resources in the fourth quarter valued at $29,000. Hexagon Capital Partners LLC lifted its position in shares of Teck Resources by 143.0% during the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 386 shares in the last quarter. Baystate Wealth Management LLC bought a new position in shares of Teck Resources during the third quarter valued at about $31,000. Creekmur Asset Management LLC bought a new position in shares of Teck Resources during the fourth quarter valued at about $35,000. Finally, JFS Wealth Advisors LLC lifted its position 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 in the last quarter. 78.06% of the stock is owned by institutional investors.

Teck Resources Cuts Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend was Thursday, March 14th. Teck Resources’s dividend payout ratio (DPR) is presently 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.