Q2 2024 EPS Estimates for Teck Resources Limited (NYSE:TECK) Increased by Analyst

Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK - B. Riley raised their Q2 2024 earnings per share estimates for Teck Resources in a report issued on Tuesday, April 9th. B. Riley analyst L. Pipes now anticipates that the basic materials company will earn $0.84 per share for the quarter, up from their previous forecast of $0.81. The consensus estimate for Teck Resources' current full-year earnings is $3.77 per share. B. Riley also issued estimates for Teck Resources' Q3 2024 earnings at $0.76 EPS.

A number of other brokerages have also recently issued reports on TECK. Benchmark raised their price objective on Teck Resources from $50.00 to $52.00 and gave the company a "buy" rating in a research note on Monday. Morgan Stanley cut their target price on Teck Resources from $45.00 to $44.00 and set an "overweight" rating on the stock in a research note on Monday, February 26th. Finally, UBS Group initiated coverage on Teck Resources in a research note on Tuesday, January 16th. They issued a "buy" rating on the stock. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Teck Resources has an average rating of "Moderate Buy" and a consensus target price of $64.29.

Teck Resources Trading Up 0.5 %

Shares of NYSE:TECK traded up $0.24 on Wednesday, reaching $49.38. 6,453,189 shares of the company traded hands, compared to its average volume of 3,939,531. The business's 50-day simple moving average is $41.55 and its 200 day simple moving average is $39.78. Teck Resources has a 52 week low of $34.38 and a 52 week high of $50.30. The stock has a market capitalization of $25.21 billion, a P/E ratio of 14.33, a price-to-earnings-growth ratio of 6.02 and a beta of 1.15. The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $1.01 by $0.01. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. The business had revenue of $3.02 billion for the quarter, compared to the consensus estimate of $3.11 billion.

Hedge Funds Weigh In On Teck Resources

Large investors have recently made changes to their positions in the business. Bornite Capital Management LP bought a new stake in Teck Resources in the 1st quarter worth approximately $14,136,000. Raymond James Financial Services Advisors Inc. grew its position in shares of Teck Resources by 8.2% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 39,024 shares of the basic materials company's stock valued at $1,576,000 after acquiring an additional 2,966 shares during the period. Bank of New York Mellon Corp grew its position in shares of Teck Resources by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 527,062 shares of the basic materials company's stock valued at $21,288,000 after acquiring an additional 3,812 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of Teck Resources by 10.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 17,270 shares of the basic materials company's stock valued at $698,000 after acquiring an additional 1,591 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in shares of Teck Resources by 4.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,067 shares of the basic materials company's stock valued at $327,000 after acquiring an additional 341 shares during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.0925 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.37 annualized dividend and a dividend yield of 0.75%. Teck Resources's payout ratio is 10.79%.

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.