Tesoro Logistics LP Coverage Initiated by Analysts at Oppenheimer (TLLP)
Analysts at Oppenheimer assumed coverage on shares of Tesoro Logistics LP (NASDAQ:TLLP) in a research report issued to clients and investors on Tuesday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating and a $61.00 price target on the stock. Oppenheimer’s price objective points to a potential upside of 13.64% from the stock’s previous close.
The analysts wrote, “We initiate coverage of Tesoro Logistics (TLLP) with an Outperform rating and 12- to 18-month price target of $61. We recommend purchase after the stock’s recent pullback from levels above $68. We like TLLP’s fee-based contracts (with inflation escalators) and high expected distribution growth rate. We like crude oil infrastructure in general (because of US oil supply growth trends) and TLLP’s High Plains system (Bakken) specifically. We believe TLLP will continue to grow through both organic projects and acquisitions. Our one concern is that it appears necessary for TLLP to issue equity, although management probably has plenty of flexibility on timing. We are buyers despite equity needs and would be aggressive into an issuance.”
Tesoro Logistics LP (NASDAQ:TLLP) traded up 1.76% on Tuesday, hitting $54.624. The stock had a trading volume of 6,984 shares. Tesoro Logistics LP has a 1-year low of $41.26 and a 1-year high of $71.92. The stock’s 50-day moving average is $53.60 and its 200-day moving average is $56.13. The company has a market cap of $2.566 billion and a P/E ratio of 32.69.
Tesoro Logistics LP (NASDAQ:TLLP) last issued its quarterly earnings data on Monday, August 5th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by $0.32. The company had revenue of $59.88 million for the quarter, compared to the consensus estimate of $89.57 million. On average, analysts predict that Tesoro Logistics LP will post $1.93 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Barclays Capital cut their price target on shares of Tesoro Logistics LP (NASDAQ:TLLP) from $68.00 to $66.00 in a research note to investors on Monday, August 12th. Separately, analysts at RBC Capital cut their price target on shares of Tesoro Logistics LP (NASDAQ:TLLP) from $71.00 to $63.00 in a research note to investors on Wednesday, August 7th. They now have an “outperform” rating on the stock. Finally, analysts at Credit Suisse cut their price target on shares of Tesoro Logistics LP (NASDAQ:TLLP) from $60.00 to $58.00 in a research note to investors on Wednesday, August 7th. They now have a “neutral” rating on the stock.
Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Tesoro Logistics LP currently has a consensus rating of “Buy” and a consensus price target of $59.10.
Tesoro Logistics LP is a fee-based Delaware limited partnership formed by Tesoro Corporation (NASDAQ:TLLP) to own, operate, develop and acquire crude oil and refined products logistics assets.
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