Research Analysts Set Expectations for Teck Resources Limited’s Q2 2023 Earnings (NYSE:TECK)

Posted by Defense World Staff on Jun 24th, 2023

Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) – Equities research analysts at Zacks Research boosted their Q2 2023 earnings estimates for Teck Resources in a note issued to investors on Wednesday, June 21st. Zacks Research analyst M. Das now anticipates that the basic materials company will post earnings of $0.79 per share for the quarter, up from their prior forecast of $0.75. The consensus estimate for Teck Resources’ current full-year earnings is $4.75 per share. Zacks Research also issued estimates for Teck Resources’ Q3 2023 earnings at $0.89 EPS, Q4 2023 earnings at $1.00 EPS, FY2023 earnings at $4.01 EPS, Q1 2024 earnings at $0.78 EPS, Q2 2024 earnings at $0.99 EPS, Q3 2024 earnings at $1.00 EPS, Q4 2024 earnings at $1.02 EPS, FY2024 earnings at $3.79 EPS and Q1 2025 earnings at $0.89 EPS.

Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last issued its quarterly earnings results on Wednesday, April 26th. The basic materials company reported $1.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.01). Teck Resources had a return on equity of 15.71% and a net margin of 16.80%. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.96 billion.

TECK has been the subject of a number of other research reports. CIBC lifted their price target on shares of Teck Resources from C$65.00 to C$76.00 in a research note on Thursday, April 27th. Morgan Stanley boosted their price objective on shares of Teck Resources from $51.00 to $53.00 in a research report on Wednesday. 92 Resources restated a “maintains” rating on shares of Teck Resources in a research report on Thursday, April 27th. B. Riley boosted their price objective on shares of Teck Resources from C$66.00 to C$68.00 in a research report on Friday, April 28th. Finally, Jefferies Financial Group boosted their price objective on shares of Teck Resources from C$70.00 to C$80.00 in a research report on Thursday, April 20th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.47.

Teck Resources Stock Down 3.8 %

Shares of Teck Resources stock opened at $39.54 on Friday. Teck Resources has a 52-week low of $24.72 and a 52-week high of $49.34. The company has a 50 day moving average of $42.94 and a 200 day moving average of $40.85. The company has a quick ratio of 0.80, a current ratio of 1.28 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $20.26 billion, a P/E ratio of 9.50, a P/E/G ratio of 1.49 and a beta of 1.07.

Teck Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be paid a $0.125 dividend. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend is Wednesday, June 14th. Teck Resources’s payout ratio is currently 8.89%.

Hedge Funds Weigh In On Teck Resources

Several institutional investors have recently bought and sold shares of the company. Toroso Investments LLC acquired a new position in Teck Resources in the 1st quarter valued at $448,000. Aspen Investment Management Inc acquired a new position in shares of Teck Resources during the 1st quarter worth $424,000. Socorro Asset Management LP grew its stake in shares of Teck Resources by 5.7% during the 1st quarter. Socorro Asset Management LP now owns 204,994 shares of the basic materials company’s stock worth $7,482,000 after purchasing an additional 11,061 shares during the period. First Trust Advisors LP grew its stake in shares of Teck Resources by 11.0% during the 1st quarter. First Trust Advisors LP now owns 122,833 shares of the basic materials company’s stock worth $4,481,000 after purchasing an additional 12,201 shares during the period. Finally, Greenlight Capital Inc. grew its stake in shares of Teck Resources by 11.4% during the 1st quarter. Greenlight Capital Inc. now owns 2,491,218 shares of the basic materials company’s stock worth $90,929,000 after purchasing an additional 254,700 shares during the period. 56.42% of the stock is owned by institutional investors and hedge funds.

About Teck Resources

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Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.