B. Riley Research Analysts Increase Earnings Estimates for Teck Resources Limited (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Research analysts at B. Riley raised their Q2 2024 earnings estimates for Teck Resources in a research note issued to investors on Monday, April 29th. B. Riley analyst L. Pipes now forecasts that the basic materials company will post earnings per share of $0.44 for the quarter, up from their prior forecast of $0.35. The consensus estimate for Teck Resources’ current full-year earnings is $2.76 per share. B. Riley also issued estimates for Teck Resources’ Q3 2024 earnings at $0.61 EPS, Q4 2024 earnings at $0.37 EPS, FY2024 earnings at $1.83 EPS, FY2025 earnings at $2.38 EPS and FY2026 earnings at $1.98 EPS.

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 (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 the consensus estimate of $3.11 billion.

Other equities research analysts also recently issued reports about the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $55.00 target price on shares of Teck Resources in a research note on Thursday, April 11th. JPMorgan Chase & Co. raised their target price 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. UBS Group started coverage on shares of Teck Resources in a research note on Tuesday, January 16th. They issued a “buy” rating on the stock. Finally, Benchmark raised their target price on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Teck Resources Trading Down 3.7 %

Shares of Teck Resources stock opened at $49.19 on Wednesday. The company’s 50-day moving average price is $44.42 and its 200-day moving average price is $40.55. The company has a market cap of $25.11 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 8.94 and a beta of 1.15. 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 has a 12-month low of $34.38 and a 12-month high of $51.65.

Teck Resources Cuts Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Ninety One SA PTY Ltd grew its holdings in shares of Teck Resources by 45.1% in the fourth quarter. Ninety One SA PTY Ltd now owns 147,093 shares of the basic materials company’s stock worth $6,236,000 after purchasing an additional 45,750 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Teck Resources by 45.7% in the fourth quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock worth $280,491,000 after purchasing an additional 2,080,295 shares during the last quarter. Douglas Lane & Associates LLC grew its holdings in shares of Teck Resources by 54.3% in the fourth quarter. Douglas Lane & Associates LLC now owns 663,366 shares of the basic materials company’s stock worth $28,040,000 after purchasing an additional 233,361 shares during the last quarter. Pantechnicon Advisors LLP grew its holdings in shares of Teck Resources by 40.1% in the third quarter. Pantechnicon Advisors LLP now owns 465,000 shares of the basic materials company’s stock worth $20,037,000 after purchasing an additional 133,000 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of Teck Resources by 4.6% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 120,841 shares of the basic materials company’s stock worth $5,191,000 after purchasing an additional 5,304 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

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.