FY2024 EPS Estimates for Teck Resources Raised by Analyst

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Investment analysts at National Bank Financial upped their FY2024 earnings per share (EPS) estimates for shares of Teck Resources in a research note issued on Monday, October 14th. National Bank Financial analyst S. Nagle now forecasts that the basic materials company will post earnings per share of $2.44 for the year, up from their previous forecast of $2.08. The consensus estimate for Teck Resources’ current full-year earnings is $2.00 per share. National Bank Financial also issued estimates for Teck Resources’ FY2025 earnings at $3.03 EPS.

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

Other equities analysts have also recently issued research reports about the company. TD Securities upgraded Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. JPMorgan Chase & Co. boosted their price objective on Teck Resources from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday. CIBC boosted their price objective on Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a report on Friday, July 12th. Scotiabank boosted their price objective on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. Finally, Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a report on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Teck Resources presently has an average rating of “Moderate Buy” and an average price target of $67.43.

Teck Resources Price Performance

Shares of Teck Resources stock opened at $50.52 on Thursday. The stock has a market cap of $25.57 billion, a price-to-earnings ratio of 24.76 and a beta of 1.02. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. The stock has a 50 day moving average price of $48.40 and a 200-day moving average price of $48.62. Teck Resources has a one year low of $34.38 and a one year high of $55.13.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Hexagon Capital Partners LLC raised its position in shares of Teck Resources by 143.0% in 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. Headlands Technologies LLC bought a new position in shares of Teck Resources in the 2nd quarter worth $38,000. Bruce G. Allen Investments LLC raised its position in shares of Teck Resources by 77.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after acquiring an additional 383 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in shares of Teck Resources by 69.7% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 409 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Teck Resources by 583.1% in the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after acquiring an additional 898 shares in the last quarter. 78.06% of the stock is 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.