Teck Resources Limited (NYSE:TECK) Expected to Earn Q1 2024 Earnings of $0.47 Per Share

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Equities researchers at Raymond James dropped their Q1 2024 earnings estimates for Teck Resources in a note issued to investors on Monday, April 22nd. Raymond James analyst B. Macarthur now anticipates that the basic materials company will earn $0.47 per share for the quarter, down from their previous estimate of $0.49. The consensus estimate for Teck Resources’ current full-year earnings is $3.33 per share.

Several other research analysts also recently commented on TECK. Morgan Stanley reaffirmed an “overweight” rating and issued a $55.00 price target on shares of Teck Resources in a research note on Thursday, April 11th. Benchmark raised their price target on shares of Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. UBS Group initiated coverage on shares of Teck Resources in a research note on Tuesday, January 16th. They issued a “buy” rating on the stock. Finally, JPMorgan Chase & Co. increased their target price on shares of Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.80.

Teck Resources Trading Down 0.7 %

TECK stock opened at $45.54 on Wednesday. The company has a market capitalization of $23.25 billion, a PE ratio of 13.28, a P/E/G ratio of 6.66 and a beta of 1.15. Teck Resources has a 12 month low of $34.38 and a 12 month high of $50.46. The firm’s 50-day moving average is $43.16 and its 200 day moving average is $40.21. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.10 and a quick ratio of 0.60.

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

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.0925 dividend. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date was Thursday, March 14th. Teck Resources’s dividend payout ratio is currently 10.79%.

Institutional Trading of Teck Resources

A number of institutional investors have recently modified their holdings of TECK. Hexagon Capital Partners LLC boosted its holdings in shares of Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after buying an additional 386 shares in the last quarter. Baystate Wealth Management LLC bought a new stake in shares of Teck Resources in the 3rd quarter valued at about $31,000. Creekmur Asset Management LLC bought a new stake in shares of Teck Resources in the 4th quarter valued at about $35,000. JFS Wealth Advisors LLC boosted its holdings in shares of Teck Resources by 249.0% in the 3rd quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock valued at $36,000 after buying an additional 600 shares in the last quarter. Finally, Optiver Holding B.V. boosted its holdings in shares of Teck Resources by 81.9% in the 4th quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after buying an additional 438 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

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.