Turquoise Hill Resources Ltd. (NYSE:TRQ) Receives Average Rating of “Buy” from Brokerages

Turquoise Hill Resources Ltd. (NYSE:TRQ) (TSE:TRQ) has been given a consensus rating of “Buy” by the six ratings firms that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $25.00.

Several equities research analysts have recently issued reports on the stock. BMO Capital Markets decreased their price target on shares of Turquoise Hill Resources from C$20.00 to C$19.00 and set a “market perform” rating for the company in a research note on Friday, July 16th. Canaccord Genuity reduced their price objective on shares of Turquoise Hill Resources from C$24.00 to C$21.00 and set a “hold” rating for the company in a research note on Thursday, July 15th. Scotiabank reduced their price objective on shares of Turquoise Hill Resources from C$31.00 to C$30.00 and set an “outperform” rating for the company in a research note on Tuesday, August 3rd. Royal Bank of Canada reduced their price objective on shares of Turquoise Hill Resources from C$30.00 to C$27.00 and set a “sector perform” rating for the company in a research note on Monday, August 2nd. Finally, Macquarie upgraded shares of Turquoise Hill Resources from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $21.00 to $24.00 in a research note on Friday, September 17th.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. purchased a new position in shares of Turquoise Hill Resources during the 2nd quarter valued at $35,000. Van ECK Associates Corp grew its position in shares of Turquoise Hill Resources by 264.2% during the 1st quarter. Van ECK Associates Corp now owns 10,005 shares of the basic materials company’s stock valued at $161,000 after purchasing an additional 7,258 shares in the last quarter. Blueshift Asset Management LLC purchased a new position in shares of Turquoise Hill Resources during the 1st quarter valued at $259,000. Sowell Financial Services LLC purchased a new position in shares of Turquoise Hill Resources during the 1st quarter valued at $315,000. Finally, Versor Investments LP bought a new stake in shares of Turquoise Hill Resources during the 1st quarter worth $282,000. Hedge funds and other institutional investors own 36.35% of the company’s stock.

Shares of TRQ stock traded up $0.01 during trading hours on Friday, hitting $14.61. 295,670 shares of the company were exchanged, compared to its average volume of 939,791. The firm has a fifty day simple moving average of $14.92 and a 200 day simple moving average of $16.48. The company has a current ratio of 1.89, a quick ratio of 1.38 and a debt-to-equity ratio of 0.47. Turquoise Hill Resources has a 52-week low of $7.49 and a 52-week high of $21.89. The stock has a market capitalization of $2.94 billion, a price-to-earnings ratio of 4.73 and a beta of 2.14.

Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last issued its quarterly earnings results on Thursday, July 29th. The basic materials company reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.13). Turquoise Hill Resources had a return on equity of 7.26% and a net margin of 41.09%. The company had revenue of $317.80 million for the quarter.

Turquoise Hill Resources Company Profile

Turquoise Hill Resources Ltd. engages in the exploration and development of mineral properties. It focuses on Oyu Tolgoi Copper-Gold Mine. The company was founded by Robert Martin Friedland on January 25, 1994 and is headquartered in Montreal, Canada.

Further Reading: Earnings Reports

Analyst Recommendations for Turquoise Hill Resources (NYSE:TRQ)

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