B. Riley Brokers Increase Earnings Estimates for Teck Resources Limited (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – B. Riley upped their Q2 2024 earnings per share estimates for shares of Teck Resources in a report released on Tuesday, July 9th. B. Riley analyst L. Pipes now expects that the basic materials company will post earnings per share of $0.59 for the quarter, up from their previous estimate of $0.44. The consensus estimate for Teck Resources’ current full-year earnings is $2.05 per share. B. Riley also issued estimates for Teck Resources’ Q3 2024 earnings at $0.60 EPS.

TECK has been the topic of several other reports. JPMorgan Chase & Co. raised their target price on Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Benchmark raised their target price on Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Morgan Stanley raised their target price on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, June 21st. Finally, CIBC raised their target price on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.33.

Teck Resources Price Performance

NYSE TECK opened at $50.78 on Thursday. The company has a market capitalization of $25.94 billion, a price-to-earnings ratio of 22.47, a PEG ratio of 11.71 and a beta of 1.05. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.49. The stock has a 50-day moving average of $49.94 and a 200 day moving average of $44.98. Teck Resources has a one year low of $34.38 and a one year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.31). Teck Resources had a return on equity of 7.52% and a net margin of 10.59%. The business had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $2.99 billion.

Institutional Trading of Teck Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in TECK. Deutsche Bank AG raised its stake in Teck Resources by 7.3% during the 3rd quarter. Deutsche Bank AG now owns 1,355,492 shares of the basic materials company’s stock valued at $58,408,000 after purchasing an additional 92,202 shares during the period. American Century Companies Inc. increased its stake in Teck Resources by 8.2% in the 3rd quarter. American Century Companies Inc. now owns 205,235 shares of the basic materials company’s stock worth $8,833,000 after acquiring an additional 15,526 shares during the last quarter. Phoenix Holdings Ltd. increased its stake in Teck Resources by 12.8% in the 3rd quarter. Phoenix Holdings Ltd. now owns 12,138 shares of the basic materials company’s stock worth $523,000 after acquiring an additional 1,381 shares during the last quarter. Vanguard Group Inc. increased its stake in Teck Resources by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 15,973,504 shares of the basic materials company’s stock worth $688,298,000 after acquiring an additional 224,658 shares during the last quarter. Finally, Fulton Bank N.A. bought a new stake in Teck Resources in the 4th quarter worth approximately $207,000. Institutional investors own 78.06% of the company’s stock.

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 paid a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 4.92%. The ex-dividend date is Friday, September 13th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is 16.37%.

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.