Turquoise Hill Resources (TRQ) Shares Gap Up After Earnings Beat

Shares of Turquoise Hill Resources Ltd (NYSE:TRQ) (TSE:TRQ) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $1.64, but opened at $1.69. Turquoise Hill Resources shares last traded at $1.71, with a volume of 7603441 shares changing hands.

The basic materials company reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.02. Turquoise Hill Resources had a net margin of 33.28% and a return on equity of 4.41%. The firm had revenue of $346.20 million for the quarter, compared to analyst estimates of $318.72 million. During the same quarter in the previous year, the firm posted $0.03 earnings per share. The business’s revenue was up 37.5% on a year-over-year basis.

A number of research analysts have weighed in on TRQ shares. CIBC reaffirmed a “buy” rating on shares of Turquoise Hill Resources in a research note on Sunday, January 20th. ValuEngine raised shares of Turquoise Hill Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, February 27th.

Institutional investors and hedge funds have recently made changes to their positions in the business. Edge Wealth Management LLC bought a new position in Turquoise Hill Resources in the fourth quarter valued at approximately $25,000. Wetherby Asset Management Inc. bought a new stake in shares of Turquoise Hill Resources in the fourth quarter worth $34,000. Stifel Financial Corp bought a new stake in shares of Turquoise Hill Resources in the fourth quarter worth $30,000. Geode Capital Management LLC lifted its position in shares of Turquoise Hill Resources by 35.6% in the fourth quarter. Geode Capital Management LLC now owns 25,229 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 6,624 shares in the last quarter. Finally, Nordea Investment Management AB bought a new stake in shares of Turquoise Hill Resources in the third quarter worth $72,000. 35.39% of the stock is currently owned by hedge funds and other institutional investors.

The company has a current ratio of 5.16, a quick ratio of 4.73 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $3.40 billion, a P/E ratio of 8.84 and a beta of 0.89.

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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, silver, and molybdenum deposits. It primarily develops and operates the Oyu Tolgoi mine located in the southern Mongolia. The company was formerly known as Ivanhoe Mines Ltd.

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