Brokers Issue Forecasts for Teck Resources FY2024 Earnings

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Stock analysts at National Bank Financial upped their FY2024 earnings estimates for shares of Teck Resources in a note issued to investors on Tuesday, January 21st. National Bank Financial analyst S. Nagle now anticipates that the basic materials company will post earnings of $1.61 per share for the year, up from their prior forecast of $1.60. National Bank Financial currently has a “Sector Perform” rating on the stock. The consensus estimate for Teck Resources’ current full-year earnings is $1.69 per share. National Bank Financial also issued estimates for Teck Resources’ FY2027 earnings at $1.08 EPS and FY2028 earnings at $0.65 EPS.

TECK has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a report on Friday, October 25th. JPMorgan Chase & Co. decreased their target price on Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Raymond James reduced their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday. UBS Group cut Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Finally, StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Six analysts have rated the stock with a hold rating, six have issued 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 an average rating of “Moderate Buy” and an average price target of $65.38.

Teck Resources Price Performance

NYSE TECK opened at $43.39 on Friday. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources has a 1 year low of $36.50 and a 1 year high of $55.13. The company has a market cap of $21.64 billion, a PE ratio of 65.74 and a beta of 1.05. The stock’s 50-day moving average price is $43.49 and its two-hundred day moving average price is $46.44.

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

Institutional Investors Weigh In On Teck Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in TECK. Global Trust Asset Management LLC bought a new position in Teck Resources in the 4th quarter worth approximately $27,000. Eastern Bank bought a new position in Teck Resources during the third quarter worth $39,000. Wilmington Savings Fund Society FSB bought a new stake in Teck Resources in the 3rd quarter valued at $40,000. Bruce G. Allen Investments LLC lifted its stake in shares of Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after buying an additional 383 shares during the period. Finally, Massmutual Trust Co. FSB ADV grew its holdings in shares of Teck Resources by 69.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 409 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were given a dividend of $0.0895 per share. This represents a $0.36 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend was Friday, December 13th. Teck Resources’s payout ratio is 53.03%.

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.