Turquoise Hill Resources’ (NYSE:TRQ) “Buy” Rating Reiterated at Scotiabank

Turquoise Hill Resources Ltd. (NYSE:TRQ) (TSE:TRQ)‘s stock had its “buy” rating reiterated by research analysts at Scotiabank in a research report issued to clients and investors on Monday, November 6th. They presently have a $5.50 price target on the basic materials company’s stock. Scotiabank’s price objective would suggest a potential upside of 77.99% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. BidaskClub upgraded Turquoise Hill Resources from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Royal Bank Of Canada reiterated a “hold” rating and issued a $4.00 price objective on shares of Turquoise Hill Resources in a report on Wednesday, August 2nd. Finally, CIBC started coverage on Turquoise Hill Resources in a report on Friday, September 15th. They issued a “sector outperform” rating on the stock. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $4.75.

Turquoise Hill Resources (TRQ) traded down $0.01 during mid-day trading on Monday, hitting $3.09. The stock had a trading volume of 1,166,210 shares, compared to its average volume of 1,328,423. The company has a quick ratio of 6.38, a current ratio of 6.85 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $6,238.17, a price-to-earnings ratio of 28.18 and a beta of 0.33. Turquoise Hill Resources has a 1-year low of $2.44 and a 1-year high of $3.80.

Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last posted its quarterly earnings results on Thursday, November 2nd. The basic materials company reported $0.03 earnings per share (EPS) for the quarter. Turquoise Hill Resources had a return on equity of 2.81% and a net margin of 24.48%. The business had revenue of $246.90 million during the quarter, compared to analyst estimates of $246.86 million. During the same period in the prior year, the business earned ($0.02) earnings per share. The business’s revenue was up 9.1% compared to the same quarter last year.

A number of large investors have recently added to or reduced their stakes in the business. Capital Growth Management LP increased its position in shares of Turquoise Hill Resources by 430.9% during the third quarter. Capital Growth Management LP now owns 38,225,000 shares of the basic materials company’s stock worth $118,498,000 after acquiring an additional 31,025,000 shares during the period. Vanguard Group Inc. increased its position in shares of Turquoise Hill Resources by 20.5% during the second quarter. Vanguard Group Inc. now owns 22,470,490 shares of the basic materials company’s stock worth $59,547,000 after acquiring an additional 3,824,469 shares during the period. Dalton Investments LLC increased its position in shares of Turquoise Hill Resources by 5.2% during the third quarter. Dalton Investments LLC now owns 15,351,938 shares of the basic materials company’s stock worth $47,591,000 after acquiring an additional 754,667 shares during the period. Kopernik Global Investors LLC increased its position in shares of Turquoise Hill Resources by 6.0% during the third quarter. Kopernik Global Investors LLC now owns 11,760,824 shares of the basic materials company’s stock worth $36,458,000 after acquiring an additional 664,430 shares during the period. Finally, Key Group Holdings Cayman LTD. increased its position in shares of Turquoise Hill Resources by 24.4% during the second quarter. Key Group Holdings Cayman LTD. now owns 8,968,520 shares of the basic materials company’s stock worth $23,819,000 after acquiring an additional 1,758,133 shares during the period. Institutional investors own 34.45% of the company’s stock.

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About Turquoise Hill Resources

Turquoise Hill Resources Ltd. 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 held through approximately 65% interest in Oyu Tolgoi LLC (Oyu Tolgoi) and the remaining approximately 35% interest is held by Erdenes Oyu Tolgoi LLC (Erdenes).

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