Brokers Issue Forecasts for Teck Resources FY2024 Earnings

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – National Bank Financial boosted their FY2024 earnings per share estimates for Teck Resources in a report issued on Monday, October 14th. National Bank Financial analyst S. Nagle now forecasts that the basic materials company will post earnings of $2.44 per share for the year, up from their prior forecast of $2.08. The consensus estimate for Teck Resources’ current full-year earnings is $2.00 per share. National Bank Financial also issued estimates for Teck Resources’ FY2025 earnings at $3.03 EPS.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.47 by $0.32. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The company had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same period in the previous year, the firm earned $0.91 EPS. The business’s revenue was up 10.1% on a year-over-year basis.

Several other equities research analysts have also commented on TECK. UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $76.00 to $78.00 in a research note on Wednesday, September 4th. CIBC boosted their target price on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday, July 12th. Eight Capital cut Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. BMO Capital Markets started coverage on shares of Teck Resources in a research report on Monday, July 15th. They issued an “outperform” rating on the stock. Finally, Scotiabank raised their target price on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $67.43.

Teck Resources Stock Down 0.1 %

TECK stock opened at $50.43 on Thursday. The company has a current ratio of 1.48, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. The company’s 50-day moving average price is $48.61 and its 200 day moving average price is $48.67. Teck Resources has a 52 week low of $34.38 and a 52 week high of $55.13. The company has a market cap of $25.76 billion, a P/E ratio of 22.31 and a beta of 1.02.

Institutional Trading of Teck Resources

Several hedge funds and other institutional investors have recently bought and sold shares of TECK. Hexagon Capital Partners LLC grew its position in shares of Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 386 shares during the period. Headlands Technologies LLC acquired a new stake in Teck Resources in the 2nd quarter worth about $38,000. Bruce G. Allen Investments LLC boosted its stake in Teck Resources by 77.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after buying an additional 383 shares during the last quarter. Blue Trust Inc. grew its holdings in Teck Resources by 583.1% in the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after buying an additional 898 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of Teck Resources by 69.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 409 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

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.