Turquoise Hill Resources Ltd. (TRQ) Sees Unusually-High Trading Volume
Shares of Turquoise Hill Resources Ltd. (NYSE:TRQ) saw unusually-strong trading volume on Wednesday . Approximately 4,344,389 shares changed hands during trading, an increase of 62% from the previous session’s volume of 2,682,218 shares.The stock last traded at $3.22 and had previously closed at $3.46.
A number of research analysts have commented on TRQ shares. Zacks Investment Research downgraded Turquoise Hill Resources from a “buy” rating to a “hold” rating in a report on Wednesday, June 22nd. TheStreet raised Turquoise Hill Resources from an “e+” rating to a “hold” rating in a report on Thursday, May 5th. Scotiabank reaffirmed a “sector perform” rating and set a $5.00 target price on shares of Turquoise Hill Resources in a report on Tuesday, July 19th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $5.00 target price on shares of Turquoise Hill Resources in a report on Tuesday, July 19th. Finally, Royal Bank Of Canada started coverage on Turquoise Hill Resources in a report on Monday, July 18th. They set a “sector perform” rating and a $4.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $4.40.
The stock has a 50 day moving average of $3.44 and a 200 day moving average of $2.78. The company has a market cap of $6.58 billion and a price-to-earnings ratio of 19.58.
Turquoise Hill Resources (NYSE:TRQ) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). During the same period in the prior year, the firm earned $0.02 EPS. The company earned $329.70 million during the quarter, compared to analyst estimates of $316.13 million. Turquoise Hill Resources’s quarterly revenue was down 21.7% on a year-over-year basis. On average, analysts forecast that Turquoise Hill Resources Ltd. will post ($0.03) earnings per share for the current year.
An institutional investor recently bought a new position in Turquoise Hill Resources stock. OppenheimerFunds Inc. acquired a new stake in shares of Turquoise Hill Resources Ltd. (NYSE:TRQ) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 500,000 shares of the company’s stock, valued at approximately $1,270,000.
Turquoise Hill Resources Ltd. (Turquoise Hill) 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 located approximately 550 kilometers south of Ulaanbaatar, Mongolia’s capital city, and approximately 80 kilometers north of the Mongolia-China border.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.