Analysts Set Expectations for Teck Resources Limited’s Q1 2024 Earnings (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Equities research analysts at Raymond James dropped their Q1 2024 earnings per share estimates for Teck Resources in a research report issued on Wednesday, November 15th. Raymond James analyst B. Macarthur now anticipates that the basic materials company will earn $0.93 per share for the quarter, down from their prior forecast of $0.96. The consensus estimate for Teck Resources’ current full-year earnings is $3.83 per share. Raymond James also issued estimates for Teck Resources’ Q2 2024 earnings at $0.96 EPS, Q3 2024 earnings at $1.01 EPS and FY2024 earnings at $3.75 EPS.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Tuesday, October 24th. The basic materials company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.20). The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.77 billion. Teck Resources had a net margin of 15.78% and a return on equity of 9.11%.

Other research analysts also recently issued reports about the stock. Morgan Stanley decreased their price target on shares of Teck Resources from $55.00 to $47.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 25th. Scotiabank downgraded Teck Resources from a “sector outperform” rating to a “sector perform” rating in a research report on Tuesday, October 17th. Benchmark restated a “buy” rating and issued a $50.00 price target on shares of Teck Resources in a research report on Wednesday, October 25th. JPMorgan Chase & Co. initiated coverage on Teck Resources in a research note on Tuesday, October 17th. They issued an “overweight” rating and a $52.00 price objective on the stock. Finally, StockNews.com initiated coverage on shares of Teck Resources in a report on Friday. They issued a “hold” rating for the company. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Teck Resources presently has an average rating of “Moderate Buy” and an average target price of $62.91.

Teck Resources Stock Down 0.9 %

Teck Resources stock opened at $35.30 on Friday. The stock has a market cap of $18.08 billion, a PE ratio of 11.24, a price-to-earnings-growth ratio of 4.49 and a beta of 1.07. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.68 and a current ratio of 1.20. The stock has a fifty day moving average of $39.15 and a 200 day moving average of $40.79. Teck Resources has a one year low of $31.42 and a one year high of $49.34.

Institutional Trading of Teck Resources

A number of large investors have recently added to or reduced their stakes in TECK. Park Place Capital Corp bought a new stake in shares of Teck Resources in the 2nd quarter worth about $27,000. Nvwm LLC bought a new stake in Teck Resources during the first quarter worth approximately $26,000. Baystate Wealth Management LLC purchased a new stake in Teck Resources during the third quarter valued at approximately $31,000. Money Concepts Capital Corp bought a new stake in shares of Teck Resources in the 4th quarter valued at approximately $29,000. Finally, Optimum Investment Advisors boosted its holdings in shares of Teck Resources by 60.0% in the 2nd quarter. Optimum Investment Advisors now owns 800 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 300 shares during the period. Institutional investors own 59.23% of the company’s stock.

Teck Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a dividend of $0.125 per share. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.42%. Teck Resources’s dividend payout ratio (DPR) is presently 11.78%.

Teck Resources Company Profile

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.