Brokers Offer Predictions for Teck Resources Limited’s Q2 2024 Earnings (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Equities research analysts at Raymond James lifted their Q2 2024 earnings per share (EPS) estimates for shares of Teck Resources in a report issued on Monday, April 22nd. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings per share of $0.64 for the quarter, up from their prior forecast of $0.54. The consensus estimate for Teck Resources’ current full-year earnings is $3.34 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 research analysts have also recently commented on the company. Morgan Stanley restated an “overweight” rating and issued a $55.00 target price on shares of Teck Resources in a research note on Thursday, April 11th. UBS Group began coverage on Teck Resources in a research note on Tuesday, January 16th. They issued a “buy” rating for the company. JPMorgan Chase & Co. raised their target price on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Finally, Benchmark raised their price objective on Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $62.80.

Teck Resources Trading Up 1.7 %

TECK opened at $50.38 on Thursday. The stock has a market cap of $25.72 billion, a PE ratio of 14.69, a PEG ratio of 6.57 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 business has a 50 day moving average of $43.71 and a 200-day moving average of $40.34. Teck Resources has a 52 week low of $34.38 and a 52 week high of $50.93.

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

Institutional Trading of Teck Resources

A number of institutional investors and hedge funds have recently modified their holdings of TECK. Wealthsource Partners LLC grew its holdings in shares of Teck Resources by 4.0% in the third quarter. Wealthsource Partners LLC now owns 7,747 shares of the basic materials company’s stock worth $334,000 after acquiring an additional 300 shares during the period. First Hawaiian Bank grew its holdings in shares of Teck Resources by 6.0% in the first quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock worth $254,000 after acquiring an additional 313 shares during the period. Verdence Capital Advisors LLC grew its holdings in shares of Teck Resources by 3.3% in the first quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock worth $503,000 after acquiring an additional 353 shares during the period. Shell Asset Management Co. grew its holdings in shares of Teck Resources by 2.9% in the third quarter. Shell Asset Management Co. now owns 13,649 shares of the basic materials company’s stock worth $590,000 after acquiring an additional 386 shares during the period. Finally, Hexagon Capital Partners LLC grew its holdings in shares of Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 386 shares during the period. Institutional investors own 78.06% of the company’s stock.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors 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 yield of 0.73%. The ex-dividend date of this dividend was Thursday, March 14th. Teck Resources’s dividend payout ratio (DPR) is presently 10.50%.

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.