Q3 2024 Earnings Forecast for Teck Resources Limited (NYSE:TECK) Issued By Zacks Research

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Equities researchers at Zacks Research lowered their Q3 2024 earnings estimates for shares of Teck Resources in a research note issued on Monday, June 17th. Zacks Research analyst M. Das now anticipates that the basic materials company will earn $0.64 per share for the quarter, down from their prior forecast of $0.78. The consensus estimate for Teck Resources’ current full-year earnings is $2.21 per share. Zacks Research also issued estimates for Teck Resources’ Q4 2024 earnings at $0.28 EPS, Q1 2025 earnings at $0.39 EPS, Q2 2025 earnings at $0.27 EPS, Q3 2025 earnings at $0.45 EPS, Q4 2025 earnings at $0.47 EPS and FY2025 earnings at $1.59 EPS.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.31). The firm had revenue of $2.96 billion during the quarter, compared to analyst estimates of $2.99 billion. Teck Resources had a net margin of 10.59% and a return on equity of 7.52%.

Several other research analysts have also recently issued reports on TECK. JPMorgan Chase & Co. raised their target price on shares of Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Benchmark raised their price target on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $55.00 target price on shares of Teck Resources in a research report on Thursday, April 11th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Teck Resources has an average rating of “Moderate Buy” and a consensus target price of $57.86.

Teck Resources Price Performance

Shares of TECK opened at $47.45 on Wednesday. The company has a 50 day moving average of $49.68 and a two-hundred day moving average of $43.94. The company has a market cap of $24.27 billion, a price-to-earnings ratio of 21.00, a price-to-earnings-growth ratio of 10.45 and a beta of 1.08. Teck Resources has a twelve month low of $34.38 and a twelve month high of $55.13. The company has a quick ratio of 0.86, a current ratio of 1.49 and a debt-to-equity ratio of 0.20.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 17th will be issued a $0.0911 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.77%. The ex-dividend date is Monday, June 17th. Teck Resources’s payout ratio is 15.93%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of TECK. Ninety One SA PTY Ltd increased its holdings in shares of Teck Resources by 45.1% in the 4th quarter. Ninety One SA PTY Ltd now owns 147,093 shares of the basic materials company’s stock valued at $6,236,000 after purchasing an additional 45,750 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of Teck Resources by 45.7% during the 4th quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock worth $280,491,000 after purchasing an additional 2,080,295 shares during the last quarter. AGF Management Ltd. boosted its position in shares of Teck Resources by 13.4% in the fourth quarter. AGF Management Ltd. now owns 136,376 shares of the basic materials company’s stock worth $5,785,000 after acquiring an additional 16,141 shares during the last quarter. Douglas Lane & Associates LLC boosted its position in shares of Teck Resources by 54.3% in the fourth quarter. Douglas Lane & Associates LLC now owns 663,366 shares of the basic materials company’s stock worth $28,040,000 after acquiring an additional 233,361 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Teck Resources by 37.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,935,979 shares of the basic materials company’s stock worth $81,966,000 after acquiring an additional 526,611 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

About Teck Resources

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.