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

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Raymond James boosted their Q2 2024 earnings per share estimates for Teck Resources in a report released 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 previous estimate 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.

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

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

Teck Resources Price Performance

Shares of TECK opened at $50.38 on Thursday. Teck Resources has a 1 year low of $34.38 and a 1 year high of $50.93. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.10 and a quick ratio of 0.60. The company has a market capitalization of $25.72 billion, a price-to-earnings ratio of 14.69, a price-to-earnings-growth ratio of 6.57 and a beta of 1.15. The business has a 50-day moving average of $43.71 and a 200-day moving average of $40.34.

Institutional Investors Weigh In On Teck Resources

Hedge funds have recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC grew its stake in Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 386 shares during the period. Baystate Wealth Management LLC acquired a new stake in Teck Resources in the third quarter valued at approximately $31,000. Creekmur Asset Management LLC acquired a new stake in Teck Resources in the fourth quarter valued at approximately $35,000. JFS Wealth Advisors LLC grew its stake in Teck Resources by 249.0% in the third quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 600 shares during the period. Finally, Optiver Holding B.V. grew its stake in Teck Resources by 81.9% in the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 438 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a $0.0925 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.37 dividend on an annualized basis and a yield of 0.73%. Teck Resources’s dividend payout ratio (DPR) is presently 10.50%.

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.