Turquoise Hill Resources (NYSE:TRQ) Shares Gap Up to $0.62

Turquoise Hill Resources Ltd (NYSE:TRQ) (TSE:TRQ)’s share price gapped up prior to trading on Friday . The stock had previously closed at $0.60, but opened at $0.62. Turquoise Hill Resources shares last traded at $0.63, with a volume of 9,468,681 shares traded.

Several research analysts have recently weighed in on the stock. Royal Bank of Canada reissued a “hold” rating and issued a $136.00 target price on shares of Continental in a research report on Wednesday. CIBC dropped their target price on shares of NFI Group from C$45.00 to C$41.00 in a research report on Wednesday. ValuEngine downgraded shares of Zogenix from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 11th. Eight Capital downgraded shares of Turquoise Hill Resources from a “buy” rating to a “neutral” rating and dropped their target price for the stock from C$4.50 to C$3.00 in a research report on Tuesday. Finally, TD Securities downgraded shares of Turquoise Hill Resources from a “buy” rating to a “speculative buy” rating and dropped their target price for the stock from C$4.00 to C$2.25 in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $2.52.

The company has a 50-day moving average of $1.15. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of 2.76 and a beta of 0.98. The company has a quick ratio of 5.86, a current ratio of 6.32 and a debt-to-equity ratio of 0.49.

Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last announced its quarterly earnings data 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 firm had revenue of $353.00 million for the quarter, compared to the consensus estimate of $295.94 million. During the same period in the previous year, the firm posted $0.04 earnings per share. The firm’s revenue was up 43.5% on a year-over-year basis.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC grew its position in Turquoise Hill Resources by 35.6% during the fourth quarter. Geode Capital Management LLC now owns 25,229 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 6,624 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Turquoise Hill Resources by 2.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 335,505 shares of the basic materials company’s stock valued at $552,000 after purchasing an additional 8,084 shares in the last quarter. Nordea Investment Management AB grew its position in Turquoise Hill Resources by 2.7% during the first quarter. Nordea Investment Management AB now owns 351,000 shares of the basic materials company’s stock valued at $772,000 after purchasing an additional 9,200 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Turquoise Hill Resources by 52.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 26,906 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 9,257 shares in the last quarter. Finally, Nexus Investment Management Inc. grew its position in Turquoise Hill Resources by 31.3% during the second quarter. Nexus Investment Management Inc. now owns 42,000 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 10,000 shares in the last quarter. 38.75% of the stock is currently owned by hedge funds and other institutional investors.

Turquoise Hill Resources Company Profile (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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