Brokerages Expect Teck Resources Ltd (TECK) Will Post Quarterly Sales of $2.32 Billion
Analysts forecast that Teck Resources Ltd (NYSE:TECK) (TSE:TECK) will announce sales of $2.32 billion for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Teck Resources’ earnings, with the highest sales estimate coming in at $2.44 billion and the lowest estimate coming in at $2.15 billion. Teck Resources posted sales of $1.77 billion during the same quarter last year, which would indicate a positive year over year growth rate of 31.1%. The business is expected to announce its next quarterly earnings results on Thursday, October 26th.
On average, analysts expect that Teck Resources will report full-year sales of $2.32 billion for the current financial year, with estimates ranging from $8.79 billion to $9.46 billion. For the next year, analysts anticipate that the firm will report sales of $8.30 billion per share, with estimates ranging from $7.70 billion to $9.43 billion. Zacks’ sales averages are a mean average based on a survey of analysts that cover 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 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.02. The firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Teck Resources had a net margin of 17.93% and a return on equity of 13.01%. The company’s quarterly revenue was up 62.0% on a year-over-year basis.
A number of research firms have issued reports on TECK. Raymond James Financial, Inc. reissued an “outperform” rating on shares of Teck Resources in a report on Tuesday. Zacks Investment Research downgraded shares of Teck Resources from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Clarkson Capital reissued a “buy” rating on shares of Teck Resources in a report on Friday, May 19th. J P Morgan Chase & Co raised shares of Teck Resources from a “neutral” rating to an “overweight” rating in a report on Tuesday, May 30th. Finally, Bank of America Corporation downgraded shares of Teck Resources from a “buy” rating to a “neutral” rating and cut their price objective for the company from $27.00 to $19.00 in a report on Friday, June 9th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-two have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $27.03.
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A number of institutional investors have recently modified their holdings of TECK. 1st Global Advisors Inc. bought a new position in shares of Teck Resources during the second quarter valued at approximately $601,000. Verition Fund Management LLC bought a new position in shares of Teck Resources during the second quarter valued at approximately $399,000. BW Gestao de Investimentos Ltda. bought a new position in shares of Teck Resources during the second quarter valued at approximately $5,199,000. Scotia Capital Inc. bought a new position in shares of Teck Resources during the second quarter valued at approximately $7,785,000. Finally, Bank of Nova Scotia bought a new position in shares of Teck Resources during the second quarter valued at approximately $27,111,000. 47.20% of the stock is owned by institutional investors and hedge funds.
Shares of Teck Resources (TECK) traded up 1.148% on Friday, reaching $23.355. 1,690,898 shares of the company’s stock were exchanged. The company has a market cap of $13.49 billion, a price-to-earnings ratio of 8.291 and a beta of 1.27. The firm’s 50-day moving average price is $20.40 and its 200 day moving average price is $20.36. Teck Resources has a 12 month low of $14.56 and a 12 month high of $33.76.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a $0.0399 dividend. This represents a $0.16 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend is Thursday, September 14th. Teck Resources’s payout ratio is 5.64%.
Teck Resources Company Profile
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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