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

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Stock analysts at B. Riley cut their Q1 2024 earnings estimates for Teck Resources in a research note issued to investors on Tuesday, April 16th. B. Riley analyst L. Pipes now anticipates that the basic materials company will post earnings of $0.50 per share for the quarter, down from their prior estimate 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.

Several other analysts have also commented on the stock. UBS Group began coverage on shares of Teck Resources in a research report on Tuesday, January 16th. They issued a “buy” rating on the stock. Morgan Stanley restated an “overweight” rating and set a $55.00 target price on shares of Teck Resources in a research report on Thursday, April 11th. Benchmark raised their target price on shares of Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.04.

Teck Resources Stock Up 0.1 %

TECK stock opened at $47.20 on Thursday. The company’s 50 day simple moving average is $42.60 and its 200-day simple moving average is $40.07. The firm has a market capitalization of $24.10 billion, a PE ratio of 13.76, a P/E/G ratio of 6.49 and a beta of 1.15. Teck Resources has a 12 month low of $34.38 and a 12 month high of $50.46. 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 (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, beating the consensus estimate of $1.01 by $0.01. The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.11 billion. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%.

Institutional Investors Weigh In On Teck Resources

A number of large investors have recently added to or reduced their stakes in TECK. Money Concepts Capital Corp acquired a new stake in Teck Resources during the 4th quarter valued at $29,000. Baystate Wealth Management LLC acquired a new stake in Teck Resources during the 3rd quarter valued at $31,000. Creekmur Asset Management LLC acquired a new stake in Teck Resources during the 4th quarter valued at $35,000. JFS Wealth Advisors LLC grew its holdings in Teck Resources by 249.0% during the 3rd quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 600 shares in the last quarter. Finally, Achmea Investment Management B.V. acquired a new stake in Teck Resources during the 1st quarter valued at $37,000. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.0925 per share. This represents a $0.37 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend was Thursday, March 14th. Teck Resources’s payout ratio 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.