Turquoise Hill Resources (NYSE:TRQ) PT Lowered to $2.00 at Royal Bank of Canada

Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) had its target price cut by analysts at Royal Bank of Canada from $3.00 to $2.00 in a research report issued on Wednesday, BayStreet.CA reports. The firm presently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 217.46% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Eight Capital lowered shares of Turquoise Hill Resources from a “buy” rating to a “neutral” rating and decreased their price target for the company from C$4.50 to C$3.00 in a research note on Tuesday. CIBC decreased their target price on shares of NFI Group from C$45.00 to C$41.00 in a research report on Wednesday. TD Securities lowered shares of Turquoise Hill Resources from a “buy” rating to a “speculative buy” rating and decreased their target price for the stock from C$4.00 to C$2.25 in a research report on Wednesday. Finally, ValuEngine lowered shares of Zogenix from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Turquoise Hill Resources has a consensus rating of “Hold” and a consensus price target of $2.52.

Shares of TRQ stock traded up $0.03 on Wednesday, reaching $0.63. The stock had a trading volume of 16,004,626 shares, compared to its average volume of 4,461,626. The company has a quick ratio of 5.86, a current ratio of 6.32 and a debt-to-equity ratio of 0.49. The stock’s 50-day moving average price is $1.18. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 4.65 and a beta of 0.98. Turquoise Hill Resources has a 12 month low of $0.58 and a 12 month high of $2.96.

Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last announced its quarterly earnings results on Wednesday, May 15th. The basic materials company reported $0.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.03. Turquoise Hill Resources had a net margin of 33.93% and a return on equity of 5.21%. The business had revenue of $353.00 million for the quarter, compared to analyst estimates of $295.94 million. During the same quarter in the prior year, the business earned $0.04 EPS. Turquoise Hill Resources’s quarterly revenue was up 43.5% on a year-over-year basis.

Large investors have recently made changes to their positions in the business. Stifel Financial Corp acquired a new position in shares of Turquoise Hill Resources during the 4th quarter worth approximately $30,000. Geode Capital Management LLC grew its position in shares of Turquoise Hill Resources by 35.6% during the 4th quarter. Geode Capital Management LLC now owns 25,229 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 6,624 shares in the last quarter. NEXT Financial Group Inc grew its position in shares of Turquoise Hill Resources by 3,200.0% during the 2nd quarter. NEXT Financial Group Inc now owns 33,000 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 32,000 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Turquoise Hill Resources by 52.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 26,906 shares of the basic materials company’s stock worth $45,000 after purchasing an additional 9,257 shares in the last quarter. Finally, Alpine Woods Capital Investors LLC acquired a new position in shares of Turquoise Hill Resources during the 1st quarter worth approximately $50,000. Hedge funds and other institutional investors own 38.75% of the company’s stock.

About Turquoise Hill Resources

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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