Ivanhoe Mines (OTCMKTS:IVPAF) Shares Gap Down on Disappointing Earnings

Shares of Ivanhoe Mines Ltd. (OTCMKTS:IVPAF) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $6.37, but opened at $5.77. Ivanhoe Mines shares last traded at $5.6950, with a volume of 129,419 shares traded.

The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.05). The firm had revenue of $263.84 million for the quarter, compared to the consensus estimate of $274.00 million. Ivanhoe Mines had a net margin of 23.47% and a return on equity of 5.07%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Scotiabank reaffirmed a “sector perform” rating on shares of Ivanhoe Mines in a research report on Wednesday, September 9th. Canaccord Genuity Group raised shares of Ivanhoe Mines from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. Morgan Stanley reissued an “overweight” rating on shares of Ivanhoe Mines in a research note on Wednesday, October 7th. Finally, Citigroup restated a “buy” rating on shares of Ivanhoe Mines in a report on Wednesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $15.20.

Ivanhoe Mines Stock Down 10.5%

The firm has a market capitalization of $8.13 billion, a P/E ratio of 63.36 and a beta of 1.33. The company has a fifty day simple moving average of $8.09 and a 200 day simple moving average of $8.86. The company has a quick ratio of 1.89, a current ratio of 2.16 and a debt-to-equity ratio of 0.18.

Ivanhoe Mines Company Profile

Ivanhoe Mines Ltd. is a Canadian mining and mineral exploration company focused on developing and operating large-scale projects in Africa. Its principal commodities include copper, zinc, platinum-group metals, nickel, copper and gold.

The company’s flagship Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo is being developed as a major copper mining and processing operation. Ivanhoe also holds the Kipushi zinc-copper-silver-germanium mine in the Democratic Republic of the Congo, as well as the Platreef platinum-group metals, nickel, copper and gold project in South Africa.

Ivanhoe’s exploration portfolio includes the Western Foreland project in the Democratic Republic of the Congo, an extensive exploration area near Kamoa-Kakula.