Teck Resources Limited Forecasted to Post Q1 2024 Earnings of $0.50 Per Share (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Research analysts at B. Riley lowered their Q1 2024 earnings estimates for shares of Teck Resources in a report released on Tuesday, April 16th. B. Riley analyst L. Pipes now anticipates that the basic materials company will post earnings per share of $0.50 for the quarter, down from their previous forecast of $0.70. The consensus estimate for Teck Resources’ current full-year earnings is $3.51 per share. B. Riley also issued estimates for Teck Resources’ Q2 2024 earnings at $0.35 EPS, Q3 2024 earnings at $0.47 EPS, Q4 2024 earnings at $0.28 EPS and FY2024 earnings at $1.59 EPS.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share 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.

Several other research analysts have also issued reports on TECK. 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 report on Monday, April 8th. JPMorgan Chase & Co. raised their price target on shares of Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday. Morgan Stanley restated an “overweight” rating and set a $55.00 price target on shares of Teck Resources in a report on Thursday, April 11th. Finally, UBS Group started coverage on shares of Teck Resources in a report on Tuesday, January 16th. They set a “buy” rating for the company. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $64.36.

Teck Resources Stock Up 1.1 %

NYSE:TECK opened at $47.73 on Thursday. The firm’s 50 day simple moving average is $42.79 and its 200 day simple moving average is $40.12. 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 has a one year low of $34.38 and a one year high of $50.46. The company has a market cap of $24.37 billion, a PE ratio of 13.92, a P/E/G ratio of 6.49 and a beta of 1.15.

Institutional Trading of Teck Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wetherby Asset Management Inc. boosted its stake in Teck Resources by 0.7% in the first quarter. Wetherby Asset Management Inc. now owns 39,655 shares of the basic materials company’s stock worth $1,447,000 after buying an additional 270 shares in the last quarter. Wealthsource Partners LLC boosted its stake in Teck Resources by 4.0% in the third quarter. Wealthsource Partners LLC now owns 7,747 shares of the basic materials company’s stock worth $334,000 after buying an additional 300 shares in the last quarter. First Hawaiian Bank boosted its stake in Teck Resources by 6.0% in the first quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock worth $254,000 after buying an additional 313 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Teck Resources by 4.4% in the first quarter. PNC Financial Services Group Inc. now owns 8,067 shares of the basic materials company’s stock worth $327,000 after buying an additional 341 shares in the last quarter. Finally, Shell Asset Management Co. boosted its stake in shares of Teck Resources by 2.9% during the third quarter. Shell Asset Management Co. now owns 13,649 shares of the basic materials company’s stock valued at $590,000 after purchasing an additional 386 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $0.0925 dividend. This represents a $0.37 annualized dividend and a dividend yield of 0.78%. The ex-dividend date was Thursday, March 14th. Teck Resources’s dividend payout ratio (DPR) is 10.79%.

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.