Turquoise Hill Resources (NYSE:TRQ) Sets New 1-Year Low at $0.49

Turquoise Hill Resources Ltd (NYSE:TRQ) (TSE:TRQ) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $0.49 and last traded at $0.54, with a volume of 9244700 shares. The stock had previously closed at $0.53.

Several research firms have issued reports on TRQ. TD Securities restated a “speculative buy” rating and set a $2.25 price objective (down previously from $4.00) on shares of Turquoise Hill Resources in a report on Wednesday, July 17th. CIBC downgraded Turquoise Hill Resources from an “outperform” rating to a “neutral” rating in a report on Wednesday, July 17th. Eight Capital downgraded Turquoise Hill Resources from a “buy” rating to a “neutral” rating in a report on Tuesday, July 16th. Royal Bank of Canada cut their price objective on Turquoise Hill Resources from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 17th. Finally, ValuEngine downgraded Turquoise Hill Resources from a “sell” rating to a “strong sell” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Turquoise Hill Resources presently has an average rating of “Hold” and a consensus target price of $2.52.

The firm has a market cap of $1.06 billion, a P/E ratio of 2.39 and a beta of 0.98. The company has a debt-to-equity ratio of 0.49, a quick ratio of 5.86 and a current ratio of 6.32. The company’s fifty day moving average price is $0.93.

Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last issued its earnings results on Wednesday, May 15th. The basic materials company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $353.00 million for the quarter, compared to the consensus estimate of $295.94 million. Turquoise Hill Resources had a positive return on equity of 4.94% and a negative net margin of 13.64%. The firm’s quarterly revenue was up 43.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 EPS.

Institutional investors and hedge funds have recently modified their holdings of the company. Stifel Financial Corp acquired a new position in shares of Turquoise Hill Resources in the 4th quarter valued at about $30,000. Geode Capital Management LLC grew its stake in shares of Turquoise Hill Resources by 35.6% in the 4th quarter. Geode Capital Management LLC now owns 25,229 shares of the basic materials company’s stock valued at $41,000 after buying an additional 6,624 shares in the last quarter. Alpine Woods Capital Investors LLC bought a new stake in shares of Turquoise Hill Resources in the 1st quarter valued at approximately $50,000. NEXT Financial Group Inc grew its stake in shares of Turquoise Hill Resources by 3,200.0% in the 2nd quarter. NEXT Financial Group Inc now owns 33,000 shares of the basic materials company’s stock valued at $41,000 after buying an additional 32,000 shares in the last quarter. Finally, Nexus Investment Management Inc. grew its stake in shares of Turquoise Hill Resources by 31.3% in the 2nd quarter. Nexus Investment Management Inc. now owns 42,000 shares of the basic materials company’s stock valued at $52,000 after buying an additional 10,000 shares in the last quarter. Institutional investors own 38.57% of the company’s stock.

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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