Turquoise Hill Resources (NYSE:TRQ) Shares Gap Down to $0.53

Turquoise Hill Resources Ltd (NYSE:TRQ) (TSE:TRQ) shares gapped down before the market opened on Friday . The stock had previously closed at $0.50, but opened at $0.53. Turquoise Hill Resources shares last traded at $0.51, with a volume of 174,521 shares.

TRQ has been the subject of several recent analyst reports. CIBC downgraded Turquoise Hill Resources from an “outperform” rating to a “neutral” rating in a research note on Wednesday, July 17th. Royal Bank of Canada decreased their price target on Turquoise Hill Resources from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Wednesday, July 17th. TD Securities reiterated a “speculative buy” rating and set a $2.25 price target (down previously from $4.00) on shares of Turquoise Hill Resources in a research note on Wednesday, July 17th. Eight Capital downgraded Turquoise Hill Resources from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 16th. Finally, ValuEngine downgraded Turquoise Hill Resources from a “sell” rating to a “strong sell” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $2.52.

The company has a market cap of $1.06 billion, a P/E ratio of 2.41 and a beta of 0.98. The company has a 50 day moving average price of $0.97. The company has a current ratio of 6.32, a quick ratio of 5.86 and a debt-to-equity ratio of 0.49.

Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last released its quarterly earnings results on Wednesday, May 15th. The basic materials company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. The company had revenue of $353.00 million during the quarter, compared to the consensus estimate of $295.94 million. Turquoise Hill Resources had a positive return on equity of 4.94% and a negative net margin of 13.64%. The firm’s revenue was up 43.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.04 EPS.

Several institutional investors and hedge funds have recently added to or reduced their stakes in TRQ. Norges Bank bought a new stake in Turquoise Hill Resources during the 4th quarter valued at approximately $12,865,000. Marshall Wace LLP bought a new stake in Turquoise Hill Resources during the 1st quarter valued at approximately $6,769,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new stake in Turquoise Hill Resources during the 1st quarter valued at approximately $3,835,000. Marshall Wace North America L.P. boosted its stake in Turquoise Hill Resources by 738.2% during the 1st quarter. Marshall Wace North America L.P. now owns 1,089,005 shares of the basic materials company’s stock valued at $1,804,000 after purchasing an additional 959,086 shares during the period. Finally, Toronto Dominion Bank boosted its stake in Turquoise Hill Resources by 100.1% during the 1st quarter. Toronto Dominion Bank now owns 1,130,663 shares of the basic materials company’s stock valued at $1,861,000 after purchasing an additional 565,659 shares during the period. Institutional investors own 38.75% of the company’s stock.

About Turquoise Hill Resources (NYSE:TRQ)

Turquoise Hill Resources Ltd., together with its subsidiaries, operates as a mining company. The company explores for copper, gold, and silver deposits. It primarily develops and operates the Oyu Tolgoi mine located in the southern Mongolia. The company was formerly known as Ivanhoe Mines Ltd. and changed its name to Turquoise Hill Resources Ltd.

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