Teck Resources FY2024 EPS Estimate Boosted by Eight Capital

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Eight Capital increased their FY2024 earnings estimates for shares of Teck Resources in a report released on Wednesday, November 13th. Eight Capital analyst R. Profiti now anticipates that the basic materials company will post earnings of $1.81 per share for the year, up from their previous estimate of $1.75. The consensus estimate for Teck Resources’ current full-year earnings is $1.84 per share.

A number of other equities analysts also recently commented on TECK. Citigroup raised shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Scotiabank raised their price objective on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research report on Tuesday, October 8th. Paradigm Capital raised Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. Benchmark reiterated a “buy” rating and set a $55.00 target price on shares of Teck Resources in a report on Thursday, July 25th. Finally, StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Teck Resources has a consensus rating of “Moderate Buy” and an average target price of $65.29.

Teck Resources Price Performance

TECK stock opened at $44.99 on Monday. The company has a market cap of $22.63 billion, a PE ratio of 68.17 and a beta of 1.04. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average price of $48.73 and a two-hundred day moving average price of $48.66. Teck Resources has a 12-month low of $34.56 and a 12-month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.09 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. Teck Resources’s revenue was down 20.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 earnings per share.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.0895 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.36 annualized dividend and a yield of 0.80%. Teck Resources’s dividend payout ratio is presently 56.06%.

Institutional Investors Weigh In On Teck Resources

A number of institutional investors have recently modified their holdings of TECK. Vanguard Group Inc. raised its position in shares of Teck Resources by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after acquiring an additional 290,034 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Teck Resources by 2.4% in the 1st quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock worth $394,178,000 after buying an additional 203,607 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after buying an additional 1,326,241 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Teck Resources by 2.6% in the 3rd quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock valued at $341,337,000 after buying an additional 165,759 shares during the period. Finally, Mackenzie Financial Corp grew its position in shares of Teck Resources by 10.3% during the 2nd quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock valued at $280,655,000 after buying an additional 546,801 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.