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

Turquoise Hill Resources Ltd (NYSE:TRQ) (TSE:TRQ) gapped down before the market opened on Tuesday . The stock had previously closed at $0.66, but opened at $0.62. Turquoise Hill Resources shares last traded at $0.61, with a volume of 5,845,000 shares trading hands.

Several equities analysts have recently weighed in on the company. CIBC raised Turquoise Hill Resources from a “neutral” rating to a “sector outperform” rating and increased their price target for the company from $1.00 to $1.60 in a report on Wednesday, January 22nd. TD Securities increased their price target on Turquoise Hill Resources from $1.60 to $2.00 and gave the company a “speculative buy” rating in a report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $1.87.

The firm has a fifty day moving average price of $0.67 and a two-hundred day moving average price of $0.54. The stock has a market capitalization of $1.24 billion, a P/E ratio of -8.71 and a beta of 1.35. The company has a debt-to-equity ratio of 0.54, a quick ratio of 4.91 and a current ratio of 5.24.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Twin Focus Capital Partners LLC bought a new position in shares of Turquoise Hill Resources during the 4th quarter valued at $26,000. Citigroup Inc. raised its holdings in Turquoise Hill Resources by 2,457.5% in the 4th quarter. Citigroup Inc. now owns 74,832 shares of the basic materials company’s stock worth $55,000 after purchasing an additional 71,906 shares during the period. Tower Research Capital LLC TRC raised its holdings in Turquoise Hill Resources by 65.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 145,412 shares of the basic materials company’s stock worth $68,000 after purchasing an additional 57,635 shares during the period. Nwam LLC raised its holdings in Turquoise Hill Resources by 38.3% in the 4th quarter. Nwam LLC now owns 128,261 shares of the basic materials company’s stock worth $94,000 after purchasing an additional 35,500 shares during the period. Finally, Exane Derivatives raised its holdings in Turquoise Hill Resources by 81.2% in the 4th quarter. Exane Derivatives now owns 574,045 shares of the basic materials company’s stock worth $398,000 after purchasing an additional 257,214 shares during the period. 41.06% of the stock is currently owned by hedge funds and other institutional investors.

About Turquoise Hill Resources (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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