Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Analysts at Raymond James upped their Q3 2021 earnings estimates for shares of Teck Resources in a report issued on Wednesday, October 13th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings per share of $1.17 for the quarter, up from their previous forecast of $1.11. Raymond James has a “Outperform” rating and a $42.00 price objective on the stock. Raymond James also issued estimates for Teck Resources’ Q2 2022 earnings at $0.85 EPS, Q3 2022 earnings at $0.78 EPS and Q4 2022 earnings at $0.84 EPS.
A number of other equities analysts also recently commented on TECK. CIBC increased their price objective on Teck Resources from C$34.00 to C$35.50 and gave the stock a “neutral” rating in a report on Wednesday, September 22nd. Scotiabank increased their price target on Teck Resources from C$43.00 to C$44.00 and gave the company an “outperform” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft increased their price target on Teck Resources from $30.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, September 16th. Canaccord Genuity increased their price target on Teck Resources from C$28.00 to C$31.00 and gave the company a “hold” rating in a report on Wednesday, September 22nd. Finally, Morgan Stanley increased their price target on Teck Resources from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Wednesday, September 29th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, Teck Resources has a consensus rating of “Buy” and a consensus price target of $34.37.
Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Tuesday, July 27th. The basic materials company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.13. Teck Resources had a return on equity of 5.02% and a net margin of 1.83%. The firm had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter in the prior year, the company posted $0.17 earnings per share. The firm’s revenue was up 48.7% on a year-over-year basis.
A number of hedge funds have recently modified their holdings of TECK. Amundi Pioneer Asset Management Inc. lifted its position in Teck Resources by 72.9% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 360,876 shares of the basic materials company’s stock worth $8,365,000 after purchasing an additional 152,124 shares during the period. BlackRock Inc. lifted its position in Teck Resources by 350.0% in the first quarter. BlackRock Inc. now owns 929,710 shares of the basic materials company’s stock worth $17,832,000 after purchasing an additional 723,088 shares during the period. HighTower Advisors LLC bought a new position in Teck Resources in the first quarter worth $211,000. UBS Group AG lifted its position in Teck Resources by 99.8% in the first quarter. UBS Group AG now owns 570,630 shares of the basic materials company’s stock worth $10,945,000 after purchasing an additional 285,026 shares during the period. Finally, Sei Investments Co. lifted its position in Teck Resources by 1,259.4% in the first quarter. Sei Investments Co. now owns 451,750 shares of the basic materials company’s stock worth $8,665,000 after purchasing an additional 418,519 shares during the period. 45.45% of the stock is owned by hedge funds and other institutional investors.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 29th. Investors of record on Wednesday, September 15th were given a $0.0397 dividend. The ex-dividend date was Tuesday, September 14th. This represents a $0.16 annualized dividend and a yield of 0.56%. Teck Resources’s dividend payout ratio (DPR) is currently 20.51%.
About Teck Resources
Teck Resources Ltd. is a resource company, which engages in mining and development of mineral properties. It organized into business units focused on steelmaking coal, copper, zinc, and energy. The firm also offers lead, silver, molybdenum and various specialty and other metals, chemicals and fertilizers.
See Also: Outperform Rating
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