Teck Resources Limited (NYSE:TECK) Forecasted to Earn Q2 2024 Earnings of $0.64 Per Share

Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK - Analysts at Raymond James lifted their Q2 2024 EPS estimates for Teck Resources in a research report issued on Monday, April 22nd. Raymond James analyst B. Macarthur now anticipates that the basic materials company will post earnings of $0.64 per share for the quarter, up from their prior estimate of $0.54. The consensus estimate for Teck Resources' current full-year earnings is $3.33 per share. Raymond James also issued estimates for Teck Resources' Q3 2024 earnings at $0.89 EPS, Q4 2024 earnings at $0.38 EPS and FY2024 earnings at $2.39 EPS.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced 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 net margin of 16.21% and a return on equity of 9.67%. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.11 billion.

A number of other brokerages have also commented on TECK. Morgan Stanley reissued an "overweight" rating and issued a $55.00 price objective on shares of Teck Resources in a research report on Thursday, April 11th. Benchmark boosted their price objective on shares of Teck Resources from $50.00 to $52.00 and gave the stock a "buy" rating in a research report on Monday, April 8th. JPMorgan Chase & Co. boosted their price objective on shares of Teck Resources from $44.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 17th. Finally, UBS Group began coverage on shares of Teck Resources in a research report on Tuesday, January 16th. They issued a "buy" rating on the stock. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Teck Resources currently has a consensus rating of "Moderate Buy" and an average price target of $62.80.

Teck Resources Stock Up 9.0 %

TECK traded up $4.07 during trading on Thursday, reaching $49.51. The company had a trading volume of 10,820,925 shares, compared to its average volume of 4,082,865. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.10 and a quick ratio of 0.60. Teck Resources has a 12 month low of $34.38 and a 12 month high of $50.46. The business's fifty day moving average price is $43.48 and its 200 day moving average price is $40.28. The company has a market cap of $25.27 billion, a P/E ratio of 14.44, a PEG ratio of 6.61 and a beta of 1.15.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors 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 dividend on an annualized basis and a yield of 0.75%. Teck Resources's payout ratio is 10.79%.

Hedge Funds Weigh In On Teck Resources

A number of institutional investors have recently added to or reduced their stakes in TECK. Hexagon Capital Partners LLC increased its holdings in shares of Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company's stock valued at $30,000 after purchasing an additional 386 shares during the last quarter. Baystate Wealth Management LLC acquired a new position in shares of Teck Resources in the third quarter valued at $31,000. Creekmur Asset Management LLC acquired a new position in shares of Teck Resources in the fourth quarter valued at $35,000. JFS Wealth Advisors LLC increased its holdings in shares of Teck Resources by 249.0% in the third quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company's stock valued at $36,000 after purchasing an additional 600 shares during the last quarter. Finally, Optiver Holding B.V. increased its holdings in shares of Teck Resources by 81.9% in the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company's stock valued at $41,000 after purchasing an additional 438 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

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.