FY2024 EPS Estimate for Teck Resources Boosted by Analyst

Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK - National Bank Financial lifted their FY2024 earnings estimates for Teck Resources in a research note issued on Monday, October 14th. National Bank Financial analyst S. Nagle now expects that the basic materials company will earn $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.

Several other research analysts also recently issued reports on TECK. BMO Capital Markets began coverage on Teck Resources in a research note on Monday, July 15th. They issued an "outperform" rating for the company. Scotiabank upped their price objective on Teck Resources from $78.00 to $79.00 and gave the company a "sector outperform" rating in a research note on Tuesday, October 8th. Morgan Stanley upped their target price on Teck Resources from $55.00 to $60.00 and gave the company an "overweight" rating in a report on Friday, June 21st. UBS Group upgraded Teck Resources from a "neutral" rating to a "buy" rating and upped their target price for the company from $76.00 to $78.00 in a report on Wednesday, September 4th. Finally, TD Securities upgraded Teck Resources to a "strong-buy" rating in a report on Tuesday, July 16th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $67.43.

Teck Resources Trading Up 0.4 %

Shares of Teck Resources stock traded up $0.19 on Thursday, hitting $50.50. The stock had a trading volume of 2,595,966 shares, compared to its average volume of 3,439,818. The stock has a 50 day moving average of $48.40 and a 200 day moving average of $48.62. Teck Resources has a twelve month low of $34.38 and a twelve month 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 has a market capitalization of $25.56 billion, a P/E ratio of 24.70 and a beta of 1.02.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.47 by $0.32. The firm had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The business's quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.91 earnings per share.

Institutional Investors Weigh In On Teck Resources

Several large investors have recently made changes to their positions in TECK. Vanguard Group Inc. increased its position in shares of Teck Resources by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 16,431,096 shares of the basic materials company's stock valued at $694,542,000 after purchasing an additional 457,592 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Teck Resources by 8.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,357 shares of the basic materials company's stock worth $480,000 after acquiring an additional 865 shares during the last quarter. HighPoint Advisor Group LLC purchased a new stake in Teck Resources in the 4th quarter worth about $223,000. First Hawaiian Bank increased its holdings in Teck Resources by 6.0% in the 1st quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company's stock worth $254,000 after acquiring an additional 313 shares during the last quarter. Finally, Douglas Lane & Associates LLC increased its holdings in Teck Resources by 16.9% in the 1st quarter. Douglas Lane & Associates LLC now owns 775,286 shares of the basic materials company's stock worth $35,493,000 after acquiring an additional 111,920 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

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.