Royal Bank of Canada Lowers Turquoise Hill Resources (NYSE:TRQ) Price Target to $2.00

Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) had its price target reduced by Royal Bank of Canada from $3.00 to $2.00 in a research report sent to investors on Wednesday, BayStreet.CA reports. They currently have a sector perform rating on the basic materials company’s stock.

Other equities analysts have also recently issued research reports about the stock. CIBC cut their target price on shares of NFI Group from C$45.00 to C$41.00 in a research report on Wednesday. ValuEngine cut shares of Zogenix from a strong-buy rating to a buy rating in a research report on Thursday, April 11th. TD Securities cut shares of Turquoise Hill Resources from a buy rating to a speculative buy rating and cut their target price for the stock from C$4.00 to C$2.25 in a research report on Wednesday. Finally, Eight Capital cut shares of Turquoise Hill Resources from a buy rating to a neutral rating and cut their target price for the stock from C$4.50 to C$3.00 in a research report on Tuesday, July 16th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The company currently has an average rating of Hold and an average target price of $2.52.

Shares of TRQ opened at $0.63 on Wednesday. The company has a current ratio of 6.32, a quick ratio of 5.86 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $1.25 billion, a PE ratio of 2.71 and a beta of 0.98. The business’s 50-day simple moving average is $1.15. Turquoise Hill Resources has a 12-month low of $0.58 and a 12-month high of $2.95.

Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last announced its earnings results on Wednesday, May 15th. The basic materials company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $353.00 million during the quarter, compared to analysts’ expectations of $295.94 million. Turquoise Hill Resources had a net margin of 33.93% and a return on equity of 5.21%. The firm’s quarterly revenue was up 43.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.04 earnings per share.

Large investors have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Turquoise Hill Resources in the fourth quarter valued at approximately $12,865,000. Marshall Wace LLP acquired a new position in shares of Turquoise Hill Resources in the first quarter valued at approximately $6,769,000. BlackRock Inc. raised its position in shares of Turquoise Hill Resources by 5.4% in the fourth quarter. BlackRock Inc. now owns 518,289 shares of the basic materials company’s stock valued at $855,000 after buying an additional 26,476 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Turquoise Hill Resources by 76.2% in the first quarter. Quadrant Capital Group LLC now owns 61,183 shares of the basic materials company’s stock valued at $99,000 after buying an additional 26,453 shares during the last quarter. Finally, Stifel Financial Corp acquired a new position in shares of Turquoise Hill Resources in the fourth quarter valued at approximately $30,000. 38.75% of the stock is owned by institutional investors and hedge funds.

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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