Investors Buy Tesoro Corp. (TSO) on Weakness
Investors purchased shares of Tesoro Corp. (NYSE:TSO) on weakness during trading hours on Wednesday. $81.11 million flowed into the stock on the tick-up and $59.65 million flowed out of the stock on the tick-down, for a money net flow of $21.46 million into the stock. Of all equities tracked, Tesoro Corp. had the 19th highest net in-flow for the day. Tesoro Corp. traded down ($3.78) for the day and closed at $71.16
TSO has been the topic of several recent research reports. Simmons decreased their target price on shares of Tesoro Corp. from $101.00 to $97.00 in a research report on Tuesday, April 12th. Cowen and Company reiterated a “buy” rating on shares of Tesoro Corp. in a research report on Wednesday, June 1st. Barclays PLC upgraded shares of Tesoro Corp. from a “neutral” rating to a “buy” rating and lifted their target price for the company from $96.00 to $100.00 in a research report on Thursday, June 30th. Goldman Sachs Group Inc. upgraded shares of Tesoro Corp. from a “neutral” rating to a “buy” rating and lifted their target price for the company from $96.00 to $100.00 in a research report on Wednesday, June 29th. Finally, Mizuho lifted their target price on shares of Tesoro Corp. from $67.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $108.31.
The firm has a market capitalization of $8.51 billion and a price-to-earnings ratio of 5.99. The firm has a 50 day moving average price of $76.88 and a 200-day moving average price of $83.61.
Tesoro Corp. (NYSE:TSO) last issued its earnings results on Thursday, May 5th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.17. The firm earned $5.10 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the prior year, the company earned $0.98 EPS. The firm’s quarterly revenue was down 21.1% compared to the same quarter last year. On average, analysts predict that Tesoro Corp. will post $6.86 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Tuesday, May 31st were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.81%. The ex-dividend date was Thursday, May 26th.
In other news, Director Edward G. Galante bought 1,500 shares of the business’s stock in a transaction on Monday, May 9th. The stock was acquired at an average price of $75.27 per share, with a total value of $112,905.00. Following the completion of the purchase, the director now directly owns 1,510 shares in the company, valued at $113,657.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Steven Sterin bought 2,000 shares of the business’s stock in a transaction on Monday, May 16th. The stock was purchased at an average cost of $76.88 per share, with a total value of $153,760.00. Following the purchase, the chief financial officer now owns 6,792 shares of the company’s stock, valued at $522,168.96. The disclosure for this purchase can be found here.
Several hedge funds recently added to or reduced their stakes in TSO. Vanguard Group Inc. raised its stake in Tesoro Corp. by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 11,525,297 shares of the company’s stock worth $1,214,421,000 after buying an additional 88,156 shares during the period. Morgan Stanley raised its stake in Tesoro Corp. by 17.0% in the fourth quarter. Morgan Stanley now owns 863,531 shares of the company’s stock worth $90,990,000 after buying an additional 125,714 shares during the period. Wells Fargo & Company MN raised its stake in Tesoro Corp. by 19.4% in the fourth quarter. Wells Fargo & Company MN now owns 630,158 shares of the company’s stock worth $66,401,000 after buying an additional 102,567 shares during the period. Winton Capital Group Ltd raised its stake in Tesoro Corp. by 64.6% in the fourth quarter. Winton Capital Group Ltd now owns 418,376 shares of the company’s stock worth $44,084,000 after buying an additional 164,143 shares during the period. Finally, California Public Employees Retirement System raised its stake in Tesoro Corp. by 14.5% in the fourth quarter. California Public Employees Retirement System now owns 406,052 shares of the company’s stock worth $42,786,000 after buying an additional 51,500 shares during the period.
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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