Teck Resources Limited (NYSE:TECK) Expected to Earn Q1 2024 Earnings of $0.47 Per Share

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Investment analysts at Raymond James reduced their Q1 2024 earnings estimates for shares of Teck Resources in a research report issued to clients and investors on Monday, April 22nd. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings of $0.47 per share for the quarter, down from their previous estimate of $0.49. The consensus estimate for Teck Resources’ current full-year earnings is $3.33 per share.

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

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

Teck Resources Trading Down 0.7 %

Shares of TECK stock opened at $45.54 on Wednesday. The stock has a market cap of $23.25 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 6.66 and a beta of 1.15. Teck Resources has a twelve month low of $34.38 and a twelve month high of $50.46. The company’s 50-day moving average price is $43.16 and its 200-day moving average price is $40.21. The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a dividend of $0.0925 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.37 dividend on an annualized basis and a yield of 0.81%. Teck Resources’s dividend payout ratio (DPR) is presently 10.79%.

Institutional Trading of Teck Resources

A number of institutional investors and hedge funds have recently bought and sold shares of TECK. International Assets Investment Management LLC purchased a new stake in Teck Resources during the third quarter worth about $427,000. Connective Portfolio Management LLC purchased a new stake in shares of Teck Resources during the third quarter worth approximately $560,000. Commonwealth Equity Services LLC increased its stake in shares of Teck Resources by 7.0% during 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 period. Cambridge Investment Research Advisors Inc. increased its stake in shares of Teck Resources by 22.8% during 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 period. Finally, Maryland State Retirement & Pension System increased its stake in shares of Teck Resources by 3.0% during the third quarter. Maryland State Retirement & Pension System now owns 58,743 shares of the basic materials company’s stock worth $2,529,000 after buying an additional 1,734 shares during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

About Teck Resources

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.