Teck Resources Limited (NYSE:TECK) to Post Q1 2024 Earnings of $0.47 Per Share, Raymond James Forecasts

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

TECK has been the topic of a number of other reports. Morgan Stanley reaffirmed an “overweight” rating and issued a $55.00 price objective on shares of Teck Resources in a research note on Thursday, April 11th. Benchmark raised their price objective on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. raised their price objective on shares of Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Finally, UBS Group began coverage on shares of Teck Resources in a research note on Tuesday, January 16th. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $62.80.

Teck Resources Stock Performance

TECK opened at $45.43 on Wednesday. Teck Resources has a 1-year low of $34.38 and a 1-year high of $50.46. The company has a market cap of $23.19 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 6.66 and a beta of 1.15. The company’s fifty day moving average price is $43.33 and its two-hundred day moving average price is $40.24. The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21.

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

Institutional Trading of Teck Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. Hexagon Capital Partners LLC increased its holdings in Teck Resources by 143.0% during the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after buying an additional 386 shares during the last quarter. Baystate Wealth Management LLC purchased a new stake in Teck Resources during the third quarter worth about $31,000. Creekmur Asset Management LLC purchased a new stake in Teck Resources during the fourth quarter worth about $35,000. JFS Wealth Advisors LLC increased its holdings in Teck Resources by 249.0% during the third quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock worth $36,000 after buying an additional 600 shares during the last quarter. Finally, Optiver Holding B.V. increased its stake in shares of Teck Resources by 81.9% in the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 438 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Cuts Dividend

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