Brokers Issue Forecasts for Teck Resources Limited’s Q3 2024 Earnings (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Stock analysts at Raymond James issued their Q3 2024 EPS estimates for Teck Resources in a research report issued to clients and investors on Wednesday, July 24th. Raymond James analyst B. Macarthur expects that the basic materials company will earn $0.29 per share for the quarter. The consensus estimate for Teck Resources’ current full-year earnings is $2.03 per share. Raymond James also issued estimates for Teck Resources’ Q4 2024 earnings at $0.53 EPS and FY2024 earnings at $1.84 EPS.

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

A number of other equities analysts also recently weighed in on TECK. Morgan Stanley boosted their target price on shares of Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, June 21st. CIBC lifted their price target on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a report on Friday, July 12th. Benchmark reiterated a “buy” rating and issued a $55.00 price objective on shares of Teck Resources in a research note on Thursday, July 25th. Eight Capital downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. Finally, BMO Capital Markets initiated coverage on shares of Teck Resources in a report on Monday, July 15th. They set an “outperform” rating for the company. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $62.40.

Teck Resources Stock Down 0.3 %

Shares of TECK stock opened at $47.39 on Monday. 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 firm’s fifty day moving average price is $48.81 and its two-hundred day moving average price is $45.59. The firm has a market capitalization of $24.21 billion, a P/E ratio of 20.97, a PEG ratio of 11.28 and a beta of 1.05. Teck Resources has a 1 year low of $34.38 and a 1 year high of $55.13.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Maryland State Retirement & Pension System boosted its stake in shares of Teck Resources by 11.6% in the 2nd quarter. Maryland State Retirement & Pension System now owns 53,693 shares of the basic materials company’s stock valued at $2,573,000 after purchasing an additional 5,582 shares during the last quarter. Signaturefd LLC grew its stake in shares of Teck Resources by 6.4% in the 2nd quarter. Signaturefd LLC now owns 17,825 shares of the basic materials company’s stock valued at $854,000 after buying an additional 1,074 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Teck Resources during the second quarter valued at approximately $921,000. Crossmark Global Holdings Inc. increased its stake in Teck Resources by 5.6% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 21,629 shares of the basic materials company’s stock valued at $1,036,000 after purchasing an additional 1,142 shares in the last quarter. Finally, Braun Stacey Associates Inc. increased its position in shares of Teck Resources by 5.9% during the second quarter. Braun Stacey Associates Inc. now owns 427,754 shares of the basic materials company’s stock worth $20,489,000 after acquiring an additional 23,684 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.625 per share. The ex-dividend date is Friday, September 13th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 annualized dividend and a yield of 5.28%. Teck Resources’s dividend payout ratio (DPR) is currently 16.37%.

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.