Turquoise Hill Resources Ltd. [TRQ] moved up 1.58: Why It’s Important

Turquoise Hill Resources Ltd. [NYSE: TRQ] traded at a high on 09/08/22, posting a 1.58 gain after which it closed the day’ session at $32.05. The company report on September 5, 2022 that Turquoise Hill Enters into Definitive Agreements with Rio Tinto.

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Turquoise Hill Resources Ltd. (“Turquoise Hill” or the “Company”) (TSX: TRQ) (NYSE: TRQ) announced today that, based on the unanimous recommendation of an independent special committee of its board of directors (the “Special Committee”), it has entered into an arrangement agreement (the “Arrangement Agreement”) with Rio Tinto plc and Rio Tinto International Holdings Limited (“Rio Tinto”), a wholly-owned subsidiary of Rio Tinto plc, in respect of a transaction whereby Rio Tinto will acquire the approximately 49% of the issued and outstanding common shares of the Company that Rio Tinto does not currently own (the “Minority Shares”) for C$43.00 in cash per share (the “Transaction”), subject to approval by the Turquoise Hill minority shareholders and other customary closing conditions. Today’s announcement is the culmination of negotiations that took place following the September 1, 2022 public announcement of the term sheet entered into in connection with the Transaction.

The purchase price of C$43.00 per share reflects a 67% premium to Turquoise Hill’s closing price of C$25.68 per share on the Toronto Stock Exchange on March 11, 2022, being the last trading day prior to Rio Tinto’s initial public proposal to acquire Turquoise Hill (the “Initial Proposal”), and a 19% premium to Turquoise Hill’s closing price of C$36.12 on August 31, 2022, being the last trading day prior to the September 1, 2022 announcement of the term sheet.

The results of the trading session contributed to over 8387291 shares changing hands. Over the past one week, the price volatility of Turquoise Hill Resources Ltd. stands at 2.13% while the volatility over the past one month is 4.18%.

The market cap for TRQ stock reached $6.58 billion, with 201.23 million shares outstanding and 99.02 million shares in the current float. Compared to the average trading volume of 1.36M shares, TRQ reached a trading volume of 8387291 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus 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 $24.59 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.

Scotiabank 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 May 12, 2022. The new note on the price target was released on March 15, 2022, representing the official price target for Turquoise Hill Resources Ltd. stock.

The Average True Range (ATR) for Turquoise Hill Resources Ltd. is set at 1.38, with the Price to Sales ratio for TRQ stock in the period of the last 12 months amounting to 3.41. The Price to Book ratio for the last quarter was 0.71.

How has TRQ stock performed recently?

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 16.67. With this latest performance, TRQ shares gained by 28.97% in over the last four-week period, additionally plugging by 63.02% over the last 6 months – not to mention a rise of 115.68% 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 67.34, with the RSI for the last a single of trading hit 71.76, and the three-weeks RSI is set at 64.10 for Turquoise Hill Resources Ltd. [TRQ]. The present Moving Average for the last 50 days of trading for this stock 26.17, while it was recorded at 31.40 for the last single week of trading, and 23.67 for the last 200 days.

Turquoise Hill Resources Ltd. [TRQ]: Deeper insight into the fundamentals

Turquoise Hill Resources Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.40 and a Current Ratio set at 0.70.

Insider trade positions for Turquoise Hill Resources Ltd. [TRQ]

There are presently around $2,147 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 19,460,256, which is approximately 3.368% of the company’s market cap and around 49.50% of the total institutional ownership; NOMURA HOLDINGS INC, holding 5,580,000 shares of the stock with an approximate value of $178.84 million in TRQ stocks shares; and KOPERNIK GLOBAL INVESTORS, LLC, currently with $159.87 million in TRQ stock with ownership of nearly -6.51% of the company’s market capitalization.

65 institutional holders increased their position in Turquoise Hill Resources Ltd. [NYSE:TRQ] by around 7,930,329 shares. Additionally, 70 investors decreased positions by around 12,530,340 shares, while 20 investors held positions by with 46,529,294 shares. The mentioned changes placed institutional holdings at 66,989,963 shares, according to the latest SEC report filing. TRQ stock had 26 new institutional investments in for a total of 2,538,860 shares, while 29 institutional investors sold positions of 7,661,504 shares during the same period.


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