Tesoro Corp. (TSO) Shares Down 2.3%
Tesoro Corp. (NYSE:TSO) shares traded down 2.3% during mid-day trading on Tuesday . The stock traded as low as $81.38 and last traded at $81.62, with a volume of 1,120,739 shares traded. The stock had previously closed at $83.54.
Several research analysts recently issued reports on the company. Wells Fargo & Co. restated a “hold” rating on shares of Tesoro Corp. in a research report on Saturday, August 6th. Cowen and Company reiterated a “buy” rating on shares of Tesoro Corp. in a report on Wednesday, June 1st. JPMorgan Chase & Co. cut their price target on Tesoro Corp. from $100.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, June 10th. Zacks Investment Research upgraded Tesoro Corp. from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 8th. Finally, Scotiabank upgraded Tesoro Corp. from a “sector perform” rating to an “outperform” rating and cut their price target for the company from $105.00 to $93.00 in a report on Monday, July 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $101.13.
The company has a 50-day moving average price of $77.02 and a 200 day moving average price of $79.30. The stock has a market cap of $9.68 billion, a PE ratio of 7.58 and a beta of 2.10.
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Tesoro Corp. (NYSE:TSO) last announced its earnings results on Wednesday, August 3rd. The company reported $3.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.77 by $1.70. Tesoro Corp. had a net margin of 5.12% and a return on equity of 20.15%. The company earned $6.29 billion during the quarter, compared to the consensus estimate of $5.87 billion. During the same period in the previous year, the firm posted $4.59 earnings per share. The company’s revenue was down 23.7% on a year-over-year basis. Equities research analysts expect that Tesoro Corp. will post $5.46 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were paid a $0.55 dividend. The ex-dividend date was Monday, August 29th. This is an increase from Tesoro Corp.’s previous quarterly dividend of $0.50. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.72%. Tesoro Corp.’s payout ratio is currently 20.72%.
In related news, CFO Steven Sterin bought 1,100 shares of the company’s stock in a transaction on Friday, August 26th. The stock was bought at an average cost of $73.93 per share, with a total value of $81,323.00. Following the completion of the purchase, the chief financial officer now owns 8,152 shares in the company, valued at approximately $602,677.36. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.88% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in shares of Tesoro Corp. during the fourth quarter worth $111,261,000. Chevy Chase Trust Holdings Inc. increased its position in shares of Tesoro Corp. by 1.8% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 101,305 shares of the company’s stock worth $8,713,000 after buying an additional 1,783 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of Tesoro Corp. by 12.2% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 28,116 shares of the company’s stock worth $2,418,000 after buying an additional 3,049 shares in the last quarter. Exxonmobil Investment Management Inc. TX increased its position in shares of Tesoro Corp. by 7.6% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 29,047 shares of the company’s stock worth $2,498,000 after buying an additional 2,063 shares in the last quarter. Finally, PGGM Investments increased its position in shares of Tesoro Corp. by 2.5% in the first quarter. PGGM Investments now owns 79,296 shares of the company’s stock worth $6,820,000 after buying an additional 1,920 shares in the last quarter. 88.43% of the stock is owned by institutional investors.
About Tesoro Corp.
Tesoro Corporation (Tesoro) is an independent petroleum refining and marketing company. The Company operates through three business segments: Refining operating segment (Refining), which owns and operates refineries, and refines crude oil and other feedstocks into transportation fuels; TLLP, a publicly traded limited partnership, which includes certain crude oil and natural gas gathering assets, natural gas processing and crude oil and refined products terminaling, and transportation and storage assets, and marketing segment (Marketing), which sells transportation fuels.
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