Turquoise Hill Resources Ltd. (TRQ) Research Coverage Started at CIBC
Equities researchers at CIBC assumed coverage on shares of Turquoise Hill Resources Ltd. (NYSE:TRQ) (TSE:TRQ) in a report released on Friday, Marketbeat.com reports. The firm set a “sector outperform” rating on the basic materials company’s stock.
Several other equities analysts have also recently weighed in on the stock. BidaskClub raised shares of Turquoise Hill Resources from a “sell” rating to a “hold” rating in a research note on Saturday, June 24th. ValuEngine cut shares of Turquoise Hill Resources from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $4.00 target price on shares of Turquoise Hill Resources in a research note on Thursday, May 25th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $5.00.
Shares of Turquoise Hill Resources (NYSE TRQ) traded down 0.96% during mid-day trading on Friday, hitting $3.09. 675,268 shares of the stock were exchanged. The firm has a 50-day moving average price of $3.20 and a 200 day moving average price of $2.93. Turquoise Hill Resources has a 12-month low of $2.44 and a 12-month high of $3.80. The company has a market capitalization of $6.22 billion, a PE ratio of 51.50 and a beta of 0.40.
Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last released its earnings results on Monday, July 31st. The basic materials company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.02. Turquoise Hill Resources had a net margin of 14.20% and a return on equity of 1.60%. The business had revenue of $203.70 million during the quarter, compared to analysts’ expectations of $223.14 million. During the same period last year, the business earned $0.01 earnings per share. The firm’s revenue was down 38.2% on a year-over-year basis. On average, equities research analysts expect that Turquoise Hill Resources will post $0.02 earnings per share for the current year.
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Hedge funds have recently added to or reduced their stakes in the business. Greenleaf Trust acquired a new stake in shares of Turquoise Hill Resources during the second quarter worth $122,000. Van ECK Associates Corp lifted its holdings in shares of Turquoise Hill Resources by 15.1% during the second quarter. Van ECK Associates Corp now owns 48,358 shares of the basic materials company’s stock worth $129,000 after buying an additional 6,360 shares in the last quarter. Verition Fund Management LLC acquired a new stake in shares of Turquoise Hill Resources during the second quarter worth $155,000. Paloma Partners Management Co acquired a new stake in shares of Turquoise Hill Resources during the first quarter worth $163,000. Finally, Commerzbank Aktiengesellschaft FI lifted its holdings in shares of Turquoise Hill Resources by 11.2% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 55,537 shares of the basic materials company’s stock worth $170,000 after buying an additional 5,579 shares in the last quarter. 32.86% of the stock is owned by hedge funds and other institutional investors.
About Turquoise Hill Resources
Turquoise Hill Resources Ltd. is an international mining company. The Company focuses on the operation and further development of the Oyu Tolgoi copper-gold mine in Southern Mongolia, which is the Company’s principal material mineral resource property. The Company’s Oyu Tolgoi mine is held through approximately 65% interest in Oyu Tolgoi LLC (Oyu Tolgoi) and the remaining approximately 35% interest is held by Erdenes Oyu Tolgoi LLC (Erdenes).
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