FY2024 EPS Forecast for Teck Resources Decreased by Analyst

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Stock analysts at National Bank Financial dropped their FY2024 earnings per share estimates for shares of Teck Resources in a research note issued on Monday, December 9th. National Bank Financial analyst S. Nagle now forecasts that the basic materials company will earn $1.70 per share for the year, down from their previous estimate of $1.82. National Bank Financial has a “Sector Perform” rating on the stock. The consensus estimate for Teck Resources’ current full-year earnings is $1.82 per share. National Bank Financial also issued estimates for Teck Resources’ FY2027 earnings at $1.36 EPS.

A number of other brokerages have also recently commented on TECK. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft downgraded Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research note on Friday, October 25th. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Citigroup raised shares of Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Finally, Scotiabank boosted their price objective on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research report on Tuesday, October 8th. Six analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Stock Performance

TECK stock opened at $45.49 on Wednesday. The company has a market cap of $23.30 billion, a P/E ratio of 68.92 and a beta of 1.03. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. Teck Resources has a 1 year low of $36.50 and a 1 year high of $55.13. The stock’s fifty day moving average price is $47.97 and its 200-day moving average price is $48.06.

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

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.0895 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend is Friday, December 13th. Teck Resources’s dividend payout ratio (DPR) is 56.06%.

Institutional Trading of Teck Resources

Institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its holdings in shares of Teck Resources by 11.4% in the third quarter. Franklin Resources Inc. now owns 324,870 shares of the basic materials company’s stock worth $16,724,000 after purchasing an additional 33,235 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Teck Resources during the third quarter valued at approximately $40,000. Sanctuary Advisors LLC boosted its holdings in shares of Teck Resources by 187.8% in the third quarter. Sanctuary Advisors LLC now owns 30,840 shares of the basic materials company’s stock valued at $1,611,000 after purchasing an additional 20,124 shares during the period. SkyView Investment Advisors LLC grew its stake in Teck Resources by 4.7% in the third quarter. SkyView Investment Advisors LLC now owns 14,958 shares of the basic materials company’s stock worth $781,000 after purchasing an additional 675 shares in the last quarter. Finally, TCW Group Inc. bought a new stake in Teck Resources during the 3rd quarter valued at $577,000. 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.