Raymond James Analysts Boost Earnings Estimates for Teck Resources Limited (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Equities researchers at Raymond James upped their Q3 2024 earnings per share estimates for Teck Resources in a report released on Monday, September 23rd. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings of $0.31 per share for the quarter, up from their previous estimate of $0.29. The consensus estimate for Teck Resources’ current full-year earnings is $1.98 per share. Raymond James also issued estimates for Teck Resources’ Q1 2025 earnings at $0.44 EPS.

Several other research analysts have also recently issued reports on TECK. CIBC upped their price target on Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a report on Friday, July 12th. Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a report on Friday, July 26th. JPMorgan Chase & Co. decreased their target price on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. BMO Capital Markets started coverage on shares of Teck Resources in a research report on Monday, July 15th. They issued an “outperform” rating for the company. Finally, UBS Group upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $76.00 to $78.00 in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Teck Resources currently has a consensus rating of “Moderate Buy” and an average target price of $65.00.

Teck Resources Stock Performance

NYSE:TECK opened at $51.01 on Wednesday. The company has a current ratio of 1.48, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. The company has a 50-day moving average of $46.86 and a 200-day moving average of $47.87. Teck Resources has a twelve month low of $34.38 and a twelve month high of $55.13. The firm has a market cap of $26.10 billion, a price-to-earnings ratio of 22.57 and a beta of 1.01.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.32. The business had revenue of $3.87 billion during the quarter, compared to analyst estimates of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The company’s revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.91 earnings per share.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.625 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.90%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is currently 16.37%.

Institutional Investors Weigh In On Teck Resources

A number of large investors have recently bought and sold shares of the business. Hexagon Capital Partners LLC boosted its stake in shares of Teck Resources by 143.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 386 shares in the last quarter. Creekmur Asset Management LLC acquired a new position in Teck Resources during the 4th quarter valued at $35,000. Headlands Technologies LLC acquired a new position in shares of Teck Resources in the 2nd quarter worth approximately $38,000. Optiver Holding B.V. lifted its position in shares of Teck Resources by 81.9% during the 4th quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after buying an additional 438 shares during the period. Finally, Blue Trust Inc. grew its position in Teck Resources by 583.1% in the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after acquiring an additional 898 shares during the period. 78.06% of the stock is currently owned by institutional investors.

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.