CIBC Begins Coverage on Turquoise Hill Resources Ltd. (TRQ)
CIBC assumed coverage on shares of Turquoise Hill Resources Ltd. (NYSE:TRQ) (TSE:TRQ) in a research note issued to investors on Friday morning, Marketbeat reports. The brokerage issued a sector outperform rating on the basic materials company’s stock.
Several other research analysts have also commented on the company. BidaskClub raised Turquoise Hill Resources from a sell rating to a hold rating in a research report on Saturday, June 24th. ValuEngine lowered Turquoise Hill Resources from a buy rating to a hold rating in a research report on Friday, June 2nd. Finally, Royal Bank Of Canada reissued a hold rating and issued a $4.00 price target on shares of Turquoise Hill Resources in a research report on Thursday, May 25th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has a consensus rating of Hold and an average price target of $5.00.
Shares of Turquoise Hill Resources (NYSE:TRQ) opened at 3.10 on Friday. The stock 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 1-year low of $2.44 and a 1-year high of $3.80. The stock has a market capitalization of $6.24 billion, a PE ratio of 51.67 and a beta of 0.40.
Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last issued its earnings results on Monday, July 31st. The basic materials company reported $0.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. The business had revenue of $203.70 million during the quarter, compared to analyst estimates of $223.14 million. Turquoise Hill Resources had a return on equity of 1.60% and a net margin of 14.20%. Turquoise Hill Resources’s revenue was down 38.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.01 EPS. On average, analysts forecast that Turquoise Hill Resources will post $0.02 earnings per share for the current year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Greenleaf Trust bought a new position in shares of Turquoise Hill Resources in the 2nd quarter worth $122,000. Van ECK Associates Corp raised its position in shares of Turquoise Hill Resources by 15.1% in the 2nd quarter. Van ECK Associates Corp now owns 48,358 shares of the basic materials company’s stock worth $129,000 after acquiring an additional 6,360 shares in the last quarter. Verition Fund Management LLC bought a new position in shares of Turquoise Hill Resources in the 2nd quarter worth $155,000. Paloma Partners Management Co bought a new position in shares of Turquoise Hill Resources in the 1st quarter worth $163,000. Finally, Commerzbank Aktiengesellschaft FI raised its position in shares of Turquoise Hill Resources by 11.2% in the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 55,537 shares of the basic materials company’s stock worth $170,000 after acquiring an additional 5,579 shares in the last quarter. 32.86% of the stock is owned by hedge funds and other institutional investors.
Turquoise Hill Resources Company Profile
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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