FY2024 EPS Estimates for Teck Resources Cut by Analyst

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – National Bank Financial dropped their FY2024 earnings per share estimates for Teck Resources in a note issued to investors on Monday, December 9th. National Bank Financial analyst S. Nagle now anticipates that the basic materials company will post earnings per share of $1.70 for the year, down from their prior estimate of $1.82. National Bank Financial has a “Sector Perform” rating on the stock. The consensus estimate for Teck Resources’ current full-year earnings is $1.82 per share. National Bank Financial also issued estimates for Teck Resources’ FY2027 earnings at $1.36 EPS.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the prior year, the firm posted $0.57 EPS. The business’s revenue was down 20.6% on a year-over-year basis.

Several other research analysts have also recently weighed in on TECK. Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a research report on Friday, October 25th. Scotiabank raised their price objective on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. UBS Group downgraded Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, Citigroup upgraded Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Six research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources Trading Down 1.4 %

Shares of Teck Resources stock opened at $45.21 on Wednesday. Teck Resources has a 12-month low of $36.50 and a 12-month high of $55.13. The business’s 50 day moving average is $47.72 and its 200-day moving average is $48.02. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The stock has a market cap of $23.16 billion, a P/E ratio of 68.49 and a beta of 1.03.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.0895 per share. The ex-dividend date is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.79%. Teck Resources’s payout ratio is 56.06%.

Institutional Trading of Teck Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in TECK. Headlands Technologies LLC purchased a new position in shares of Teck Resources in the 2nd quarter worth about $38,000. Eastern Bank purchased a new stake in Teck Resources during the 3rd quarter valued at about $39,000. Wilmington Savings Fund Society FSB purchased a new stake in Teck Resources during the 3rd quarter valued at about $40,000. Bruce G. Allen Investments LLC boosted its holdings in Teck Resources by 77.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after acquiring an additional 383 shares during the period. Finally, Blue Trust Inc. boosted its holdings in Teck Resources by 583.1% during the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after acquiring an additional 898 shares during the period. 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.