National Bank Financial Equities Analysts Increase Earnings Estimates for Teck Resources Limited (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Equities research analysts at National Bank Financial increased their FY2024 earnings per share (EPS) estimates for shares of Teck Resources in a research report issued on Monday, October 14th. National Bank Financial analyst S. Nagle now forecasts that the basic materials company will post earnings of $2.44 per share for the year, up from their previous forecast of $2.08. The consensus estimate for Teck Resources’ current full-year earnings is $2.00 per share. National Bank Financial also issued estimates for Teck Resources’ FY2025 earnings at $3.03 EPS.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The business had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter last year, the company earned $0.91 EPS. The business’s revenue was up 10.1% on a year-over-year basis.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. increased their target price on shares of Teck Resources from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday. UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating and raised their price objective for the company from $76.00 to $78.00 in a report on Wednesday, September 4th. Morgan Stanley upped their target price on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, June 21st. Citigroup upgraded Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Finally, TD Securities raised shares of Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $67.43.

Teck Resources Stock Up 2.0 %

TECK stock opened at $50.33 on Thursday. Teck Resources has a one year low of $34.38 and a one year high of $55.13. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. The firm’s fifty day moving average is $48.26 and its 200 day moving average is $48.61. The firm has a market cap of $25.47 billion, a PE ratio of 24.67 and a beta of 1.02.

Hedge Funds Weigh In On Teck Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Hexagon Capital Partners LLC raised its holdings in Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 386 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Teck Resources in the second quarter valued at approximately $38,000. Bruce G. Allen Investments LLC increased its holdings in shares of Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after purchasing an additional 383 shares during the last quarter. Blue Trust Inc. lifted its position in Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after buying an additional 898 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its stake in Teck Resources by 69.7% during the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after buying an additional 409 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

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.