Teck Resources Limited (NYSE:TECK) Forecasted to Post Q1 2024 Earnings of $0.70 Per Share

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Equities researchers at B. Riley cut their Q1 2024 earnings estimates for Teck Resources in a report released on Tuesday, April 9th. B. Riley analyst L. Pipes now expects that the basic materials company will earn $0.70 per share for the quarter, down from their previous forecast of $0.84. The consensus estimate for Teck Resources’ current full-year earnings is $3.77 per share. B. Riley also issued estimates for Teck Resources’ Q4 2024 earnings at $0.47 EPS, FY2024 earnings at $2.78 EPS, FY2025 earnings at $1.69 EPS and FY2026 earnings at $1.35 EPS.

Other analysts have also issued reports about the stock. UBS Group assumed coverage on shares of Teck Resources in a report on Tuesday, January 16th. They set a “buy” rating for the company. Benchmark increased their target price on shares of Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday. Finally, Morgan Stanley dropped their target price on shares of Teck Resources from $45.00 to $44.00 and set an “overweight” rating for the company in a report on Monday, February 26th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and an average target price of $64.29.

Teck Resources Stock Performance

Teck Resources stock opened at $49.38 on Thursday. The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21. The firm has a 50-day moving average of $41.74 and a 200-day moving average of $39.85. The firm has a market cap of $25.21 billion, a P/E ratio of 14.40, a P/E/G ratio of 6.02 and a beta of 1.15. Teck Resources has a 1-year low of $34.38 and a 1-year high of $50.30.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.01. The business had revenue of $3.02 billion during the quarter, compared to analyst estimates of $3.11 billion. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%.

Hedge Funds Weigh In On Teck Resources

A number of institutional investors and hedge funds have recently made changes to their positions in TECK. Wetherby Asset Management Inc. increased its stake in shares of Teck Resources by 0.7% during the first quarter. Wetherby Asset Management Inc. now owns 39,655 shares of the basic materials company’s stock valued at $1,447,000 after purchasing an additional 270 shares in the last quarter. Daymark Wealth Partners LLC increased its stake in shares of Teck Resources by 3.6% during the third quarter. Daymark Wealth Partners LLC now owns 7,910 shares of the basic materials company’s stock valued at $341,000 after purchasing an additional 273 shares in the last quarter. Wealthsource Partners LLC increased its stake in shares of Teck Resources by 4.0% during the third quarter. Wealthsource Partners LLC now owns 7,747 shares of the basic materials company’s stock valued at $334,000 after purchasing an additional 300 shares in the last quarter. First Hawaiian Bank increased its stake in shares of Teck Resources by 6.0% during the first quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock valued at $254,000 after purchasing an additional 313 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of Teck Resources by 4.4% during the first quarter. PNC Financial Services Group Inc. now owns 8,067 shares of the basic materials company’s stock valued at $327,000 after purchasing an additional 341 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.0925 dividend. This represents a $0.37 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date was Thursday, March 14th. Teck Resources’s payout ratio is currently 10.79%.

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.