FY2024 EPS Forecast for Teck Resources Increased by Analyst

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Eight Capital lifted their FY2024 earnings per share (EPS) estimates for shares of Teck Resources in a report released on Wednesday, November 13th. Eight Capital analyst R. Profiti now anticipates that the basic materials company will post earnings of $1.81 per share for the year, up from their prior forecast of $1.75. The consensus estimate for Teck Resources’ current full-year earnings is $1.84 per share.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period in the prior year, the business earned $0.57 EPS. The business’s revenue for the quarter was down 20.6% compared to the same quarter last year.

Several other research firms have also commented on TECK. Benchmark reissued a “buy” rating and issued a $55.00 price target on shares of Teck Resources in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a research report on Friday, October 25th. Citigroup raised Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Paradigm Capital raised Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources Trading Up 2.8 %

TECK opened at $46.27 on Monday. The firm has a market cap of $23.28 billion, a price-to-earnings ratio of 69.96 and a beta of 1.04. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources has a 12 month low of $35.25 and a 12 month high of $55.13. The stock has a fifty day moving average price of $48.73 and a 200-day moving average price of $48.66.

Hedge Funds Weigh In On Teck Resources

A number of hedge funds have recently bought and sold shares of TECK. Vanguard Group Inc. raised its holdings in shares of Teck Resources by 1.8% during the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after acquiring an additional 290,034 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Teck Resources by 2.4% during the first quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock valued at $394,178,000 after acquiring an additional 203,607 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Teck Resources by 21.7% during the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after acquiring an additional 1,326,241 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of Teck Resources by 2.6% during the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock valued at $341,337,000 after acquiring an additional 165,759 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Teck Resources by 10.3% during the second quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock valued at $280,655,000 after acquiring an additional 546,801 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.0895 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a yield of 0.77%. Teck Resources’s dividend payout ratio is currently 56.06%.

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.