Teck Resources Limited to Post Q2 2024 Earnings of $0.69 Per Share, Raymond James Forecasts (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Research analysts at Raymond James increased their Q2 2024 earnings per share (EPS) estimates for shares of Teck Resources in a research note issued to investors on Thursday, April 25th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings per share of $0.69 for the quarter, up from their prior forecast 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.

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

Several other research firms have also recently issued reports on TECK. JPMorgan Chase & Co. raised their price target on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Benchmark lifted their price target 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. 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. Finally, UBS Group began coverage on shares of Teck Resources in a report on Tuesday, January 16th. They set a “buy” rating for the company. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

Teck Resources Price Performance

Shares of TECK stock opened at $49.19 on Monday. The company has a current ratio of 1.49, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The firm’s 50 day moving average is $44.42 and its 200-day moving average is $40.55. Teck Resources has a 1 year low of $34.38 and a 1 year high of $51.65. The firm has a market capitalization of $25.11 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 8.48 and a beta of 1.15.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 17th will be issued a dividend of $0.0911 per share. The ex-dividend date is Monday, June 17th. This represents a $0.36 annualized dividend and a yield of 0.74%. Teck Resources’s dividend payout ratio is presently 16.37%.

Institutional Investors Weigh In On Teck Resources

Several large investors have recently modified their holdings of the business. Van ECK Associates Corp grew its position in shares of Teck Resources by 92.6% in the 1st quarter. Van ECK Associates Corp now owns 792,647 shares of the basic materials company’s stock valued at $36,276,000 after purchasing an additional 381,148 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Teck Resources by 115.4% in the first quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock valued at $260,584,000 after buying an additional 3,047,570 shares during the period. K.J. Harrison & Partners Inc increased its position in shares of Teck Resources by 7.9% during 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 in the last quarter. Verdence Capital Advisors LLC raised its holdings in shares of Teck Resources by 3.3% during the first quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock worth $503,000 after acquiring an additional 353 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Teck Resources by 0.9% in the 1st 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 in the last quarter. 78.06% of the stock is currently owned by institutional investors.

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.