Zacks Research Lowers Earnings Estimates for Teck Resources

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Research analysts at Zacks Research dropped their FY2024 EPS estimates for shares of Teck Resources in a research report issued on Wednesday, February 19th. Zacks Research analyst M. Das now expects that the basic materials company will earn $1.63 per share for the year, down from their previous forecast of $1.67. The consensus estimate for Teck Resources’ current full-year earnings is $1.64 per share. Zacks Research also issued estimates for Teck Resources’ Q4 2024 earnings at $0.15 EPS, Q3 2026 earnings at $0.40 EPS, Q4 2026 earnings at $0.30 EPS and FY2026 earnings at $1.28 EPS.

Several other brokerages have also recently issued reports on TECK. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Raymond James decreased their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. UBS Group lowered Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. JPMorgan Chase & Co. dropped their price objective on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Finally, National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.38.

Teck Resources Stock Performance

Shares of TECK opened at $43.34 on Friday. Teck Resources has a one year low of $37.30 and a one year high of $55.13. The stock has a market cap of $21.61 billion, a P/E ratio of 65.66 and a beta of 1.02. 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 stock has a 50-day moving average of $42.01 and a two-hundred day moving average of $45.74.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. AMF Tjanstepension AB lifted its stake in shares of Teck Resources by 3.9% in the 3rd quarter. AMF Tjanstepension AB now owns 4,552,507 shares of the basic materials company’s stock valued at $238,055,000 after purchasing an additional 169,476 shares during the last quarter. Creative Planning lifted its position in Teck Resources by 14.3% in the third quarter. Creative Planning now owns 43,224 shares of the basic materials company’s stock valued at $2,258,000 after buying an additional 5,403 shares during the last quarter. Blue Trust Inc. increased its position in shares of Teck Resources by 178.2% during the third quarter. Blue Trust Inc. now owns 2,927 shares of the basic materials company’s stock valued at $140,000 after acquiring an additional 1,875 shares during the last quarter. Raymond James & Associates raised its stake in shares of Teck Resources by 34.5% in the 3rd quarter. Raymond James & Associates now owns 407,868 shares of the basic materials company’s stock valued at $21,307,000 after acquiring an additional 104,573 shares during the period. Finally, OLD National Bancorp IN acquired a new position in shares of Teck Resources in the 3rd quarter worth approximately $241,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.0879 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.81%. Teck Resources’s dividend payout ratio is currently 53.03%.

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.