Turquoise Hill Resources Ltd. (TRQ) Trading Up 1.4%
Turquoise Hill Resources Ltd. (NYSE:TRQ)’s share price was up 1.4% during mid-day trading on Wednesday . The company traded as high as $3.60 and last traded at $3.58, with a volume of 1,208,076 shares. The stock had previously closed at $3.53.
A number of equities analysts have recently issued reports on TRQ shares. CIBC reiterated a “sector perform” rating and issued a $4.50 price objective on shares of Turquoise Hill Resources in a report on Sunday, April 24th. Zacks Investment Research upgraded Turquoise Hill Resources from a “hold” rating to a “strong-buy” rating and set a $3.50 price objective for the company in a report on Friday, April 22nd. Finally, TheStreet upgraded Turquoise Hill Resources from an “e+” rating to a “hold” rating in a report on Thursday, May 5th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $4.33.
The firm’s 50 day moving average is $3.18 and its 200 day moving average is $2.63. The company has a market capitalization of $7.16 billion and a P/E ratio of 21.32.
Turquoise Hill Resources (NYSE:TRQ) last released its earnings results on Thursday, May 5th. The company reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.05. The company had revenue of $422.70 million for the quarter, compared to analysts’ expectations of $388.14 million. During the same quarter last year, the firm posted $0.03 earnings per share. Turquoise Hill Resources’s revenue for the quarter was down .8% on a year-over-year basis. On average, equities analysts predict that Turquoise Hill Resources Ltd. will post ($0.04) earnings per share for the current fiscal year.
Other institutional investors recently added to or reduced their stakes in the company. OppenheimerFunds Inc. bought a new position in Turquoise Hill Resources during the fourth quarter valued at $1,270,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its stake in Turquoise Hill Resources by 24.6% in the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 4,068,298 shares of the company’s stock worth $14,280,000 after buying an additional 802,900 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in Turquoise Hill Resources by 2,318.0% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 639,958 shares of the company’s stock worth $1,625,000 after buying an additional 613,492 shares in the last quarter. Korea Investment CORP boosted its stake in Turquoise Hill Resources by 369.3% in the fourth quarter. Korea Investment CORP now owns 681,900 shares of the company’s stock worth $1,723,000 after buying an additional 536,600 shares in the last quarter. Finally, Russell Frank Co boosted its stake in Turquoise Hill Resources by 0.5% in the fourth quarter. Russell Frank Co now owns 2,934,815 shares of the company’s stock worth $7,426,000 after buying an additional 13,868 shares in the last quarter.
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.
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