Teck Resources Limited Expected to Post Q1 2024 Earnings of $0.49 Per Share (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Stock analysts at Raymond James decreased their Q1 2024 earnings per share estimates for shares of Teck Resources in a note issued to investors on Tuesday, April 9th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings per share of $0.49 for the quarter, down from their prior estimate of $0.78. The consensus estimate for Teck Resources’ current full-year earnings is $3.61 per share. Raymond James also issued estimates for Teck Resources’ Q2 2024 earnings at $0.54 EPS, Q3 2024 earnings at $0.82 EPS and FY2024 earnings at $2.13 EPS.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results 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. The business had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.11 billion. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%.

Other equities research analysts have also issued reports about the company. UBS Group assumed coverage on Teck Resources in a research report on Tuesday, January 16th. They issued a “buy” rating on the stock. Benchmark lifted their price objective on Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $55.00 price objective on shares of Teck Resources in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $65.21.

Teck Resources Price Performance

Shares of Teck Resources stock opened at $48.57 on Friday. 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 business’s 50 day simple moving average is $41.90 and its two-hundred day simple moving average is $39.91. The stock has a market capitalization of $24.79 billion, a P/E ratio of 14.16, a price-to-earnings-growth ratio of 6.60 and a beta of 1.15. Teck Resources has a one year low of $34.38 and a one year high of $50.30.

Teck Resources Cuts Dividend

The company 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. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.37 annualized dividend and a dividend yield of 0.76%. Teck Resources’s dividend payout ratio is presently 10.79%.

Institutional Investors Weigh In On Teck Resources

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Teck Resources by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 16,431,096 shares of the basic materials company’s stock worth $694,542,000 after acquiring an additional 457,592 shares in the last quarter. FIL Ltd boosted its holdings in Teck Resources by 98.8% in the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after acquiring an additional 5,933,226 shares in the last quarter. Boston Partners boosted its holdings in Teck Resources by 28.8% in the fourth quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock worth $484,995,000 after acquiring an additional 2,432,378 shares in the last quarter. Norges Bank bought a new stake in Teck Resources in the fourth quarter worth $291,283,000. Finally, Mackenzie Financial Corp boosted its holdings in 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 acquiring an additional 2,080,295 shares in the last quarter. 78.06% of the stock is 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.