CIBC slashes price target on Turquoise Hill Resources Ltd. [TRQ] – find out why.

Turquoise Hill Resources Ltd. [NYSE: TRQ] surged by $0.73 during the normal trading session on Wednesday and reaching a high of $13.57 during the day while it closed the day at $13.29. The company report on December 24, 2020 that Oyu Tolgoi receives Tax Act from Mongolian Tax Authority.

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MONTREAL, Dec. 23, 2020 /CNW/ – Turquoise Hill Resources announced that Oyu Tolgoi LLC has received, and is evaluating, a Tax Act (“tax assessment”) for approximately US$228 million cash tax from the Mongolian Tax Authority (MTA) relating to an audit on taxes imposed and paid by Oyu Tolgoi LLC between 2016 and 2018. This tax assessment is being evaluated by Oyu Tolgoi LLC and a response will be issued within the timeframe required by Mongolian Law.

As previously announced by Turquoise Hill, on January 16, 2018, Oyu Tolgoi LLC had received and was evaluating a tax assessment for approximately US$155 million from the MTA relating to an audit on taxes imposed and paid by Oyu Tolgoi LLC between 2013 and 2015. On February 20, 2020, Turquoise Hill announced that Oyu Tolgoi LLC initiated formal international arbitration proceeding in accordance with the dispute resolution provisions within Chapter 14 of the Oyu Tolgoi Investment Agreement (Investment Agreement) entered into with the Government of Mongolia in 2009 and Chapter 8 of the Oyu Tolgoi Underground Mine Development and Financing Plan entered into with the Government of Mongolia in 2015. Most of the matters raised in respect of the current US$228m cash tax assessment for the 2016 to 2018 years are of a similar nature to the matters that have been referred to international arbitration for the 2013 to 2015 years.

Turquoise Hill Resources Ltd. stock has also gained 12.25% of its value over the past 7 days. However, TRQ stock has inclined by 56.41% in the 3 months of the year. Over the past six months meanwhile, it has gained 88.86% and gained 80.52% year-on date.

The market cap for TRQ stock reached $2.84 billion, with 201.23 million shares outstanding and 93.92 million shares in the current float. Compared to the average trading volume of 458.60K shares, TRQ reached a trading volume of 1622261 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Turquoise Hill Resources Ltd. [TRQ]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for TRQ shares is $4.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on TRQ stock is a recommendation set at 3.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

CIBC have made an estimate for Turquoise Hill Resources Ltd. shares, keeping their opinion on the stock as Sector Outperform, with their previous recommendation back on July 06, 2020. The new note on the price target was released on April 01, 2020, representing the official price target for Turquoise Hill Resources Ltd. stock.

The Average True Range (ATR) for Turquoise Hill Resources Ltd. is set at 0.76, with the Price to Sales ratio for TRQ stock in the period of the last 12 months amounting to 3.18. The Price to Book ratio for the last quarter was 0.28, with the Price to Cash per share for the same quarter was set at 6.26.

TRQ stock trade performance evaluation

Turquoise Hill Resources Ltd. [TRQ] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 12.25. With this latest performance, TRQ shares gained by 25.85% in over the last four-week period, additionally plugging by 88.86% over the last 6 months – not to mention a rise of 98.65% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for TRQ stock in for the last two-week period is set at 68.73, with the RSI for the last a single of trading hit 69.95, and the three-weeks RSI is set at 67.47 for Turquoise Hill Resources Ltd. [TRQ]. The present Moving Average for the last 50 days of trading for this stock 9.74, while it was recorded at 12.84 for the last single week of trading, and 7.76 for the last 200 days.

Turquoise Hill Resources Ltd. [TRQ]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Turquoise Hill Resources Ltd. [TRQ] shares currently have an operating margin of +14.81 and a Gross Margin at +35.12. Turquoise Hill Resources Ltd.’s Net Margin is presently recorded at -12.90.

Return on Total Capital for TRQ is now 1.39, given the latest momentum, and Return on Invested Capital for the company is -1.12. Return on Equity for this stock declined to -1.62, with Return on Assets sitting at -1.15. When it comes to the capital structure of this company, Turquoise Hill Resources Ltd. [TRQ] has a Total Debt to Total Equity ratio set at 45.96. Additionally, TRQ Total Debt to Total Capital is recorded at 31.49, with Total Debt to Total Assets ending up at 32.86. Long-Term Debt to Equity for the company is recorded at 45.67, with the Long-Term Debt to Total Capital now at 31.29.

Reflecting on the efficiency of the workforce at the company, Turquoise Hill Resources Ltd. [TRQ] managed to generate an average of -$69,951 per employee. Receivables Turnover for the company is 1.05 with a Total Asset Turnover recorded at a value of 0.09.Turquoise Hill Resources Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.80 and a Current Ratio set at 3.20.

Earnings per share (EPS) analysis for Turquoise Hill Resources Ltd. [TRQ] stock

With the latest financial reports released by the company, Turquoise Hill Resources Ltd. posted 0.05/share EPS, while the average EPS was predicted by analysts to be reported at -0.01/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 600.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for TRQ. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Turquoise Hill Resources Ltd. go to 2.00%.

Turquoise Hill Resources Ltd. [TRQ]: Insider Ownership positions

There are presently around $1,051 million, or 38.50% of TRQ stock, in the hands of institutional investors. The top three institutional holders of TRQ stocks are: PENTWATER CAPITAL MANAGEMENT LP with ownership of 18,575,659, which is approximately 0.192% of the company’s market cap and around 49.50% of the total institutional ownership; KOPERNIK GLOBAL INVESTORS, LLC, holding 9,052,788 shares of the stock with an approximate value of $120.31 million in TRQ stocks shares; and KOPERNIK GLOBAL ALL-CAP FUND, LP, currently with $106.63 million in TRQ stock with ownership of nearly New of the company’s market capitalization.

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Positions in Turquoise Hill Resources Ltd. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 54 institutional holders increased their position in Turquoise Hill Resources Ltd. [NYSE:TRQ] by around 15,235,580 shares. Additionally, 41 investors decreased positions by around 8,849,780 shares, while 31 investors held positions by with 55,004,498 shares. The mentioned changes placed institutional holdings at 79,089,858 shares, according to the latest SEC report filing. TRQ stock had 16 new institutional investments in for a total of 10,059,285 shares, while 17 institutional investors sold positions of 1,017,757 shares during the same period.

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