$2.32 Billion in Sales Expected for Teck Resources Ltd (TECK) This Quarter
Equities analysts expect Teck Resources Ltd (NYSE:TECK) (TSE:TECK) to post $2.32 billion in sales for the current quarter, Zacks reports. Four analysts have provided estimates for Teck Resources’ earnings, with the lowest sales estimate coming in at $2.15 billion and the highest estimate coming in at $2.44 billion. Teck Resources reported sales of $1.77 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 31.1%. The company is scheduled to report its next quarterly earnings report on Thursday, October 26th.
According to Zacks, analysts expect that Teck Resources will report full-year sales of $2.32 billion for the current year, with estimates ranging from $8.79 billion to $9.46 billion. For the next financial year, analysts forecast that the company will report sales of $8.30 billion per share, with estimates ranging from $7.70 billion to $9.43 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Teck Resources.
Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. Teck Resources had a return on equity of 13.01% and a net margin of 17.93%. The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.75 billion. The firm’s revenue was up 62.0% compared to the same quarter last year.
A number of analysts recently weighed in on the company. Deutsche Bank AG restated a “buy” rating and issued a $23.00 price target (down from $24.00) on shares of Teck Resources in a research note on Sunday, June 25th. Bank of America Corporation downgraded Teck Resources from a “buy” rating to a “neutral” rating and decreased their price target for the company from $27.00 to $19.00 in a research note on Friday, June 9th. J P Morgan Chase & Co upgraded Teck Resources from a “neutral” rating to an “overweight” rating in a research note on Tuesday, May 30th. Royal Bank Of Canada restated an “outperform” rating and issued a $38.00 price target (down from $39.00) on shares of Teck Resources in a research note on Friday, June 16th. Finally, Zacks Investment Research downgraded Teck Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-two have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $27.03.
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Several institutional investors have recently added to or reduced their stakes in the company. Capital Analysts LLC bought a new position in Teck Resources during the second quarter worth $100,000. Winslow Evans & Crocker Inc. bought a new position in Teck Resources during the second quarter worth $108,000. Financial Architects Inc bought a new position in Teck Resources during the second quarter worth $123,000. PNC Financial Services Group Inc. bought a new position in Teck Resources during the second quarter worth $124,000. Finally, Tower Research Capital LLC TRC bought a new position in Teck Resources during the second quarter worth $164,000. 47.20% of the stock is owned by institutional investors.
Shares of Teck Resources (NYSE:TECK) traded up 1.148% on Friday, reaching $23.355. The company’s stock had a trading volume of 1,690,898 shares. The company has a market capitalization of $13.49 billion, a price-to-earnings ratio of 8.291 and a beta of 1.27. The stock has a 50-day moving average price of $20.40 and a 200-day moving average price of $20.36. Teck Resources has a 1-year low of $14.56 and a 1-year high of $33.76.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a $0.0399 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.69%. Teck Resources’s dividend payout ratio (DPR) is 5.64%.
About Teck Resources
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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