Teck Resources (NYSE:TECK) Announces Earnings Results

Key Points

• Teck Resources reported earnings of $0.55 per share, exceeding estimates of $0.39, but fell short on revenue with $2.43 billion compared to expectations of $2.93 billion.
• The company announced an increase in its quarterly dividend from $0.09 to $0.125 per share, yielding approximately 1.2% annually.
• Analysts have mixed reviews on the stock, with target prices ranging from $41.00 to $67.00, and a consensus rating of "Hold" based on recent reports.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK posted its earnings results on Wednesday. The basic materials company reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.39 by $0.16, reports. The company had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.93 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.Teck Resources's quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.60 earnings per share.

Teck Resources Stock Performance

NYSE:TECK traded up $0.85 during trading hours on Thursday, reaching $43.02. 718,262 shares of the stock were exchanged, compared to its average volume of 4,264,930. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. The firm has a 50 day simple moving average of $38.78 and a 200-day simple moving average of $37.01. Teck Resources has a 52 week low of $28.32 and a 52 week high of $51.34. The stock has a market capitalization of $20.67 billion, a P/E ratio of 113.14, a P/E/G ratio of 0.62 and a beta of 0.92.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.50 dividend on an annualized basis and a yield of 1.2%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio (DPR) is 94.74%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TECK. Weiss Ratings restated a "sell (d+)" rating on shares of Teck Resources in a research report on Wednesday, October 8th. Royal Bank Of Canada reduced their target price on Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a research report on Friday, July 25th. JPMorgan Chase & Co. increased their target price on Teck Resources from $41.00 to $43.00 and gave the stock a "neutral" rating in a research report on Thursday, October 9th. Desjardins downgraded Teck Resources from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Finally, UBS Group upgraded Teck Resources from a "neutral" rating to a "buy" rating in a research note on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $54.00.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. B. Riley Wealth Advisors Inc. bought a new position in Teck Resources during the 2nd quarter worth approximately $232,000. Evergreen Capital Management LLC bought a new stake in shares of Teck Resources in the 2nd quarter worth approximately $208,000. Headlands Technologies LLC lifted its holdings in shares of Teck Resources by 121.7% in the 2nd quarter. Headlands Technologies LLC now owns 33,659 shares of the basic materials company's stock worth $1,359,000 after purchasing an additional 18,474 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Teck Resources by 22.4% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 311,346 shares of the basic materials company's stock worth $12,574,000 after purchasing an additional 56,940 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Teck Resources by 77.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 24,103 shares of the basic materials company's stock worth $973,000 after purchasing an additional 10,499 shares during the last quarter. Institutional investors own 78.06% of the company's stock.

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.

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