FY2024 Earnings Estimate for Teck Resources Limited (NYSE:TECK) Issued By National Bank Financial

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – National Bank Financial cut their FY2024 earnings per share (EPS) estimates for shares of Teck Resources in a report issued on Thursday, April 18th. National Bank Financial analyst S. Nagle now forecasts that the basic materials company will post earnings of $3.43 per share for the year, down from their prior estimate of $3.78. The consensus estimate for Teck Resources’ current full-year earnings is $3.33 per share.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. upped their target price on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. UBS Group initiated coverage on Teck Resources in a report on Tuesday, January 16th. They issued a “buy” rating on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $55.00 price target on shares of Teck Resources in a report on Thursday, April 11th. Finally, Benchmark increased their price target on Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.80.

Teck Resources Stock Down 0.7 %

Shares of Teck Resources stock opened at $45.54 on Monday. Teck Resources has a one year low of $34.38 and a one year 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. The stock’s 50-day moving average is $43.16 and its 200 day moving average is $40.21. The firm has a market cap of $23.25 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 6.85 and a beta of 1.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its 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. 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 for the quarter, compared to analyst estimates of $3.11 billion.

Institutional Trading of Teck Resources

A number of institutional investors and hedge funds have recently modified their holdings of TECK. International Assets Investment Management LLC purchased a new stake in shares of Teck Resources during the third quarter valued at approximately $427,000. Douglas Lane & Associates LLC increased its position in Teck Resources by 131.8% in the third quarter. Douglas Lane & Associates LLC now owns 430,005 shares of the basic materials company’s stock worth $18,529,000 after buying an additional 244,510 shares during the last quarter. Connective Portfolio Management LLC purchased a new stake in Teck Resources in the third quarter worth $560,000. Commonwealth Equity Services LLC increased its position in Teck Resources by 7.0% in the third quarter. Commonwealth Equity Services LLC now owns 22,013 shares of the basic materials company’s stock worth $949,000 after buying an additional 1,433 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its position in Teck Resources by 22.8% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 12,913 shares of the basic materials company’s stock worth $556,000 after buying an additional 2,400 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.0925 per share. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.81%. 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.