Q2 2024 Earnings Forecast for Teck Resources Limited Issued By B. Riley (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Analysts at B. Riley raised their Q2 2024 EPS estimates for Teck Resources in a research report issued to clients and investors on Monday, April 29th. B. Riley analyst L. Pipes now anticipates that the basic materials company will post earnings of $0.44 per share for the quarter, up from their previous forecast of $0.35. The consensus estimate for Teck Resources’ current full-year earnings is $2.76 per share. B. Riley also issued estimates for Teck Resources’ Q3 2024 earnings at $0.61 EPS, Q4 2024 earnings at $0.37 EPS, FY2024 earnings at $1.83 EPS, FY2025 earnings at $2.38 EPS and FY2026 earnings at $1.98 EPS.

Other research analysts have also issued reports about the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $55.00 price objective on shares of Teck Resources in a report on Thursday, April 11th. JPMorgan Chase & Co. upped their price target on shares of Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Benchmark lifted their price objective on shares of Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Finally, UBS Group assumed coverage on shares of Teck Resources in a research report on Tuesday, January 16th. They set a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $57.86.

Teck Resources Price Performance

Teck Resources stock opened at $48.39 on Wednesday. The company has a market capitalization of $24.70 billion, a price-to-earnings ratio of 21.41, a PEG ratio of 8.94 and a beta of 1.15. The stock’s 50 day moving average is $44.62 and its 200-day moving average is $40.60. The company has a current ratio of 1.49, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. Teck Resources has a 12 month low of $34.38 and a 12 month high of $51.65.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.01. The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.11 billion. Teck Resources had a net margin of 10.59% and a return on equity of 7.52%.

Hedge Funds Weigh In On Teck Resources

Several hedge funds and other institutional investors have recently modified their holdings of the business. FIL Ltd grew its position in Teck Resources by 98.8% in the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after acquiring an additional 5,933,226 shares during the last quarter. Norges Bank bought a new stake in shares of Teck Resources during the 4th quarter valued at approximately $172,740,000. Principal Financial Group Inc. increased its position in Teck Resources by 115.4% during the 1st quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock worth $260,584,000 after purchasing an additional 3,047,570 shares in the last quarter. Boston Partners lifted its stake in Teck Resources by 28.8% in the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock valued at $484,995,000 after purchasing an additional 2,432,378 shares during the last quarter. Finally, Mackenzie Financial Corp grew its stake in shares of Teck Resources by 45.7% during the fourth quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock worth $280,491,000 after buying an additional 2,080,295 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 17th will be paid a $0.0911 dividend. The ex-dividend date is Monday, June 17th. This represents a $0.36 dividend on an annualized basis and a yield of 0.75%. Teck Resources’s dividend payout ratio (DPR) is 16.37%.

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.