Eight Capital Raises Earnings Estimates for Teck Resources

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Equities research analysts at Eight Capital boosted their FY2024 earnings per share (EPS) estimates for shares of Teck Resources in a research note issued to investors on Wednesday, November 13th. Eight Capital analyst R. Profiti now anticipates that the basic materials company will post earnings of $1.81 per share for the year, up from their previous forecast of $1.75. The consensus estimate for Teck Resources’ current full-year earnings is $1.84 per share.

TECK has been the topic of a number of other research reports. UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research report on Friday, October 25th. Finally, Citigroup raised shares of Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Five 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.com, Teck Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Stock Down 0.9 %

Teck Resources stock opened at $44.99 on Monday. The company’s 50-day moving average price is $48.73 and its two-hundred day moving average price is $48.66. The stock has a market cap of $22.63 billion, a price-to-earnings ratio of 68.17 and a beta of 1.04. Teck Resources has a 52 week low of $34.56 and a 52 week high of $55.13. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The company’s quarterly revenue was down 20.6% compared to the same quarter last year. During the same period last year, the company earned $0.57 earnings per share.

Institutional Trading of Teck Resources

Several large investors have recently added to or reduced their stakes in TECK. Vanguard Group Inc. grew its holdings in shares of Teck Resources by 1.8% during the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after buying an additional 290,034 shares in the last quarter. Janus Henderson Group PLC grew its stake in Teck Resources by 2.4% during the 1st quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock valued at $394,178,000 after acquiring an additional 203,607 shares in the last quarter. Principal Financial Group Inc. grew its stake in Teck Resources by 21.7% during the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after acquiring an additional 1,326,241 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of Teck Resources by 2.6% in the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock worth $341,337,000 after purchasing an additional 165,759 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its position in shares of Teck Resources by 10.3% in the second quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock worth $280,655,000 after purchasing an additional 546,801 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued 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 0.80%. Teck Resources’s dividend payout ratio is currently 56.06%.

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.