FY2021 Earnings Forecast for Teck Resources Ltd (NYSE:TECK) Issued By National Bank Financial
Teck Resources Ltd (NYSE:TECK) (TSE:TECK) – Analysts at National Bank Financial lowered their FY2021 earnings estimates for shares of Teck Resources in a report released on Sunday, March 22nd. National Bank Financial analyst S. Nagle now forecasts that the basic materials company will post earnings per share of $1.19 for the year, down from their prior forecast of $1.25.
Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Friday, February 21st. The basic materials company reported $0.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.04). Teck Resources had a net margin of 2.79% and a return on equity of 7.03%. The firm had revenue of $2.01 billion for the quarter, compared to analyst estimates of $2.07 billion.
TECK stock opened at $7.73 on Wednesday. Teck Resources has a 52-week low of $5.60 and a 52-week high of $25.75. The company’s 50 day simple moving average is $10.54 and its 200-day simple moving average is $14.86. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.62 and a quick ratio of 0.91. The firm has a market capitalization of $4.01 billion, a P/E ratio of 19.33, a P/E/G ratio of 1.94 and a beta of 1.49.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.0377 per share. This represents a $0.15 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend is Thursday, March 12th. Teck Resources’s payout ratio is presently 6.76%.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Teck Resources during the fourth quarter valued at approximately $4,819,000. Norges Bank bought a new stake in Teck Resources in the fourth quarter worth approximately $105,890,000. Sunbelt Securities Inc. bought a new stake in Teck Resources in the fourth quarter worth approximately $13,603,000. 1832 Asset Management L.P. grew its position in Teck Resources by 142.8% in the fourth quarter. 1832 Asset Management L.P. now owns 1,699,730 shares of the basic materials company’s stock worth $29,648,000 after acquiring an additional 999,750 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Teck Resources by 8.2% in the fourth quarter. Geode Capital Management LLC now owns 735,431 shares of the basic materials company’s stock worth $12,837,000 after acquiring an additional 55,592 shares in the last quarter. 49.69% of the stock is currently owned by hedge funds and other institutional investors.
About Teck Resources
Teck Resources Limited researches, explores for, develops, and produces natural resources in the Asia Pacific, the Americas, and Europe. It operates through five segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate. The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.
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