Q2 2024 EPS Estimates for Teck Resources Limited (NYSE:TECK) Boosted by Raymond James

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Stock analysts at Raymond James increased their Q2 2024 earnings estimates for Teck Resources in a research note issued on Thursday, April 25th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will earn $0.69 per share for the quarter, up from their previous estimate of $0.64. The consensus estimate for Teck Resources’ current full-year earnings is $2.87 per share. Raymond James also issued estimates for Teck Resources’ Q4 2024 earnings at $0.41 EPS, Q1 2025 earnings at $0.37 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.41 EPS, Q4 2025 earnings at $0.42 EPS and FY2025 earnings at $1.58 EPS.

A number of other equities research analysts have also commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Morgan Stanley restated an “overweight” rating and set a $55.00 price objective on shares of Teck Resources in a report on Thursday, April 11th. Benchmark upped their target price 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. Finally, UBS Group began coverage on Teck Resources in a research report on Tuesday, January 16th. They issued a “buy” rating for the company. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Teck Resources has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Teck Resources Stock Up 1.4 %

TECK stock opened at $51.07 on Monday. The firm has a 50-day moving average price of $44.19 and a 200-day moving average price of $40.48. The stock has a market capitalization of $26.07 billion, a P/E ratio of 22.60, a price-to-earnings-growth ratio of 8.48 and a beta of 1.15. Teck Resources has a 12 month low of $34.38 and a 12 month high of $51.65. The company has a current ratio of 1.49, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.01. The business had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3.11 billion. Teck Resources had a return on equity of 7.52% and a net margin of 10.59%.

Hedge Funds Weigh In On Teck Resources

A number of large investors have recently made changes to their positions in TECK. Principal Financial Group Inc. lifted its holdings in Teck Resources by 115.4% during the first quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock worth $260,584,000 after buying an additional 3,047,570 shares during the period. K.J. Harrison & Partners Inc increased its stake in shares of Teck Resources by 7.9% in the first quarter. K.J. Harrison & Partners Inc now owns 192,125 shares of the basic materials company’s stock worth $8,791,000 after acquiring an additional 14,120 shares during the period. Verdence Capital Advisors LLC raised its stake in shares of Teck Resources by 3.3% during the 1st quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock valued at $503,000 after buying an additional 353 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Teck Resources by 0.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 193,168 shares of the basic materials company’s stock valued at $8,850,000 after acquiring an additional 1,734 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Teck Resources by 3.2% in the 1st quarter. Assenagon Asset Management S.A. now owns 15,263 shares of the basic materials company’s stock valued at $699,000 after purchasing an additional 470 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 17th will be paid a $0.0911 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date is Monday, June 17th. Teck Resources’s payout ratio is 16.37%.

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.