Raymond James Weighs in on Teck Resources Limited’s Q2 2022 Earnings (NYSE:TECK)

Teck Resources Limited (NYSE:TECK) (TSE:TECK) – Investment analysts at Raymond James raised their Q2 2022 earnings per share estimates for shares of Teck Resources in a research note issued to investors on Wednesday, September 22nd. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings of $0.75 per share for the quarter, up from their previous forecast of $0.67. Raymond James currently has a “Outperform” rating and a $39.00 target price on the stock. Raymond James also issued estimates for Teck Resources’ Q3 2022 earnings at $0.73 EPS and Q4 2022 earnings at $0.77 EPS.

Other analysts also recently issued reports about the company. National Bankshares increased their price objective on Teck Resources from C$37.50 to C$43.00 and gave the company an “outperform” rating in a report on Friday, September 10th. B. Riley increased their price target on Teck Resources from C$33.00 to C$35.00 and gave the stock a “buy” rating in a report on Thursday, September 2nd. They noted that the move was a valuation call. Bank of America raised shares of Teck Resources from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $27.00 to $30.00 in a research report on Thursday, July 8th. Canaccord Genuity increased their price objective on shares of Teck Resources from C$28.00 to C$31.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, BMO Capital Markets raised shares of Teck Resources from a “market perform” rating to an “outperform” rating and raised their price target for the company from $40.00 to $44.00 in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $31.23.

Shares of TECK stock opened at $24.77 on Thursday. The stock has a 50 day simple moving average of $22.71 and a 200 day simple moving average of $22.45. The company has a current ratio of 1.26, a quick ratio of 0.58 and a debt-to-equity ratio of 0.33. Teck Resources has a 1 year low of $11.91 and a 1 year high of $27.08. The stock has a market cap of $13.00 billion, a P/E ratio of 99.04 and a beta of 1.27.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Tuesday, July 27th. The basic materials company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.50 by $0.13. Teck Resources had a return on equity of 5.02% and a net margin of 1.83%. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter in the prior year, the business earned $0.17 earnings per share. The firm’s revenue for the quarter was up 48.7% on a year-over-year basis.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. grew its position in shares of Teck Resources by 84.3% in the 2nd quarter. American Century Companies Inc. now owns 1,418,566 shares of the basic materials company’s stock worth $32,683,000 after buying an additional 648,935 shares during the last quarter. Morgan Stanley lifted its stake in shares of Teck Resources by 34.1% in the 1st quarter. Morgan Stanley now owns 2,352,816 shares of the basic materials company’s stock valued at $45,127,000 after purchasing an additional 597,685 shares during the period. Affinity Wealth Management LLC lifted its stake in shares of Teck Resources by 0.9% in the 2nd quarter. Affinity Wealth Management LLC now owns 112,103 shares of the basic materials company’s stock valued at $2,374,000 after purchasing an additional 1,002 shares during the period. O Brien Greene & Co. Inc purchased a new stake in Teck Resources in the 1st quarter worth $337,000. Finally, Northern Trust Corp increased its holdings in Teck Resources by 1.0% in the 1st quarter. Northern Trust Corp now owns 500,164 shares of the basic materials company’s stock worth $9,593,000 after acquiring an additional 4,931 shares in the last quarter. Institutional investors own 45.45% of the company’s stock.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 29th. Investors of record on Wednesday, September 15th will be issued a dividend of $0.0397 per share. The ex-dividend date is Tuesday, September 14th. This represents a $0.16 dividend on an annualized basis and a yield of 0.64%. Teck Resources’s payout ratio is 20.51%.

Teck Resources Company Profile

Teck Resources Ltd. is a resource company, which engages in mining and development of mineral properties. It organized into business units focused on steelmaking coal, copper, zinc, and energy. The firm also offers lead, silver, molybdenum and various specialty and other metals, chemicals and fertilizers.

Further Reading: Understanding dividend yield and dividend payout ratio

Earnings History and Estimates for Teck Resources (NYSE:TECK)

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