Turquoise Hill Resources Ltd. (TRQ) Coverage Initiated at CIBC

Equities researchers at CIBC started coverage on shares of Turquoise Hill Resources Ltd. (NYSE:TRQ) (TSE:TRQ) in a research note issued on Friday. The brokerage set a “sector outperform” rating on the basic materials company’s stock.

Several other research analysts have also issued reports on the company. BidaskClub upgraded Turquoise Hill Resources from a “sell” rating to a “hold” rating in a research note on Saturday, June 24th. ValuEngine downgraded Turquoise Hill Resources from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $4.00 price target on shares of Turquoise Hill Resources in a research note on Thursday, May 25th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Turquoise Hill Resources currently has an average rating of “Hold” and a consensus target price of $5.00.

Shares of Turquoise Hill Resources (NYSE TRQ) opened at 3.10 on Friday. Turquoise Hill Resources has a 1-year low of $2.44 and a 1-year high of $3.80. The firm’s 50-day moving average is $3.20 and its 200-day moving average is $2.93. The firm has a market cap of $6.24 billion, a P/E ratio of 51.67 and a beta of 0.40.

Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last released its quarterly earnings results on Monday, July 31st. The basic materials company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. Turquoise Hill Resources had a return on equity of 1.60% and a net margin of 14.20%. The business had revenue of $203.70 million during the quarter, compared to analyst estimates of $223.14 million. During the same quarter in the prior year, the company posted $0.01 EPS. Turquoise Hill Resources’s quarterly revenue was down 38.2% compared to the same quarter last year. On average, analysts anticipate that Turquoise Hill Resources will post $0.02 EPS for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in the stock. Raffles Associates LP bought a new position in Turquoise Hill Resources in the 2nd quarter worth $530,000. Verition Fund Management LLC bought a new position in Turquoise Hill Resources in the 2nd quarter worth $155,000. Bank of Nova Scotia raised its holdings in Turquoise Hill Resources by 33.6% in the 2nd quarter. Bank of Nova Scotia now owns 918,914 shares of the basic materials company’s stock worth $2,445,000 after purchasing an additional 230,862 shares during the period. Tower Research Capital LLC TRC raised its holdings in Turquoise Hill Resources by 1,035.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 133,994 shares of the basic materials company’s stock worth $462,000 after purchasing an additional 122,194 shares during the period. Finally, Cubist Systematic Strategies LLC raised its holdings in Turquoise Hill Resources by 699.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 171,706 shares of the basic materials company’s stock worth $455,000 after purchasing an additional 150,218 shares during the period. 32.86% of the stock is currently owned by 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).

Analyst Recommendations for Turquoise Hill Resources (NYSE:TRQ)

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