Teck Resources FY2024 EPS Lifted by National Bank Financial

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – National Bank Financial increased their FY2024 earnings per share estimates for Teck Resources in a research report issued to clients and investors on Tuesday, January 21st. National Bank Financial analyst S. Nagle now anticipates that the basic materials company will post earnings of $1.61 per share for the year, up from their previous estimate of $1.60. National Bank Financial has a “Sector Perform” rating on the stock. The consensus estimate for Teck Resources’ current full-year earnings is $1.69 per share. National Bank Financial also issued estimates for Teck Resources’ FY2027 earnings at $1.08 EPS and FY2028 earnings at $0.65 EPS.

TECK has been the subject of several other research reports. UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Citigroup raised Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research report on Friday, October 25th. Scotiabank lifted their price objective on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a report on Tuesday, October 8th. Finally, StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Teck Resources currently has an average rating of “Moderate Buy” and an average target price of $65.38.

Teck Resources Stock Performance

Shares of TECK stock opened at $43.39 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The firm has a market cap of $21.64 billion, a price-to-earnings ratio of 65.74 and a beta of 1.05. Teck Resources has a 52 week low of $36.50 and a 52 week high of $55.13. The firm’s 50-day simple moving average is $43.49 and its two-hundred day simple moving average is $46.43.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The company had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same period in the previous year, the firm earned $0.57 EPS. The firm’s quarterly revenue was down 20.6% on a year-over-year basis.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a $0.0895 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.83%. Teck Resources’s dividend payout ratio (DPR) is currently 53.03%.

Hedge Funds Weigh In On Teck Resources

Hedge funds have recently bought and sold shares of the company. Swedbank AB purchased a new stake in Teck Resources in the 4th quarter worth approximately $103,878,000. FMR LLC raised its position in shares of Teck Resources by 72.8% in the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after buying an additional 1,531,563 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in Teck Resources during the third quarter valued at $70,549,000. Principal Financial Group Inc. boosted its stake in Teck Resources by 21.7% during the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after buying an additional 1,326,241 shares during the period. Finally, Holocene Advisors LP grew its position in Teck Resources by 152.7% during the third quarter. Holocene Advisors LP now owns 2,070,377 shares of the basic materials company’s stock worth $108,156,000 after buying an additional 1,251,203 shares in the last quarter. Hedge funds and other 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.