Tesoro Corp. (TSO) Shares Up 2.8%
Shares of Tesoro Corp. (NYSE:TSO) shot up 2.8% during trading on Tuesday . The stock traded as high as $75.88 and last traded at $75.83, with a volume of 2,052,950 shares changing hands. The stock had previously closed at $73.75.
Several brokerages have recently commented on TSO. Mizuho increased their price objective on Tesoro Corp. from $67.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, July 5th. Wells Fargo & Co. reiterated a “hold” rating on shares of Tesoro Corp. in a report on Saturday, August 6th. Citigroup Inc. upgraded Tesoro Corp. from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $92.50 to $92.00 in a report on Tuesday, July 19th. JPMorgan Chase & Co. decreased their price objective on Tesoro Corp. from $91.00 to $87.00 and set a “neutral” rating for the company in a report on Friday, August 5th. Finally, Credit Suisse Group AG reiterated a “hold” rating and set a $85.00 price objective on shares of Tesoro Corp. in a report on Sunday, August 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company’s stock. Tesoro Corp. presently has a consensus rating of “Buy” and a consensus price target of $101.73.
The company has a market cap of $9.06 billion and a PE ratio of 7.10. The firm’s 50-day moving average price is $75.77 and its 200 day moving average price is $79.14.
Tesoro Corp. (NYSE:TSO) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $3.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $1.70. During the same period last year, the firm earned $4.59 earnings per share. The company earned $6.29 billion during the quarter, compared to analysts’ expectations of $5.87 billion. Tesoro Corp.’s revenue was down 23.7% on a year-over-year basis. On average, equities research analysts anticipate that Tesoro Corp. will post $5.42 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Wednesday, August 31st will be given a $0.55 dividend. The ex-dividend date of this dividend is 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 yield of 2.90%.
In related news, CFO Steven Sterin purchased 1,100 shares of Tesoro Corp. stock in a transaction that occurred on Friday, August 26th. The stock was purchased at an average cost of $73.93 per share, with a total value of $81,323.00. Following the completion of the transaction, the chief financial officer now directly owns 8,152 shares in the company, valued at $602,677.36. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
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.