First Citizens Bank & Trust Co. Decreases Stake in Tesoro Corp. (TSO)
First Citizens Bank & Trust Co. cut its stake in shares of Tesoro Corp. (NYSE:TSO) by 9.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,363 shares of the company’s stock after selling 5,518 shares during the period. First Citizens Bank & Trust Co.’s holdings in Tesoro Corp. were worth $4,148,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently added to or reduced their stakes in TSO. Daiwa SB Investments Ltd. raised its position in Tesoro Corp. by 8.0% in the second quarter. Daiwa SB Investments Ltd. now owns 1,620 shares of the company’s stock valued at $122,000 after buying an additional 120 shares in the last quarter. Hancock Holding Co. raised its position in Tesoro Corp. by 0.6% in the first quarter. Hancock Holding Co. now owns 24,296 shares of the company’s stock valued at $2,090,000 after buying an additional 155 shares in the last quarter. Springbok Capital Management LLC raised its position in Tesoro Corp. by 4.7% in the first quarter. Springbok Capital Management LLC now owns 4,887 shares of the company’s stock valued at $420,000 after buying an additional 220 shares in the last quarter. Capstone Asset Management Co. raised its position in Tesoro Corp. by 3.2% in the second quarter. Capstone Asset Management Co. now owns 8,781 shares of the company’s stock valued at $658,000 after buying an additional 270 shares in the last quarter. Finally, Regentatlantic Capital LLC raised its position in Tesoro Corp. by 2.7% in the second quarter. Regentatlantic Capital LLC now owns 10,255 shares of the company’s stock valued at $768,000 after buying an additional 270 shares in the last quarter. 88.41% of the stock is currently owned by hedge funds and other institutional investors.
Tesoro Corp. (NYSE:TSO) traded up 0.99% on Monday, hitting $80.77. 625,307 shares of the company were exchanged. Tesoro Corp. has a 52 week low of $67.80 and a 52 week high of $119.67. The company has a market capitalization of $9.65 billion, a price-to-earnings ratio of 7.56 and a beta of 2.03. The stock has a 50 day moving average of $79.03 and a 200 day moving average of $78.85.
Tesoro Corp. (NYSE:TSO) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $3.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.77 by $1.70. The company had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $5.87 billion. Tesoro Corp. had a net margin of 5.12% and a return on equity of 20.15%. Tesoro Corp.’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same period in the prior year, the business earned $4.59 earnings per share. Analysts predict that Tesoro Corp. will post $5.47 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.73%. This is a boost from Tesoro Corp.’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Monday, August 29th. Tesoro Corp.’s dividend payout ratio is 20.72%.
Several research firms have commented on TSO. Wells Fargo & Co. reissued a “hold” rating on shares of Tesoro Corp. in a report on Saturday, August 6th. Barclays PLC lifted their price target on shares of Tesoro Corp. from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Monday. Goldman Sachs Group Inc. raised shares of Tesoro Corp. from a “neutral” rating to a “buy” rating and lifted their price target for the company from $96.00 to $100.00 in a report on Wednesday, June 29th. Wolfe Research raised shares of Tesoro Corp. from a “market perform” rating to an “outperform” rating in a report on Monday, June 20th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Tesoro Corp. from $91.00 to $87.00 and set a “neutral” rating on the stock in a report on Friday, August 5th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $100.69.
In related news, CFO Steven Sterin acquired 1,100 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The shares were bought at an average cost of $73.93 per share, for a total transaction of $81,323.00. Following the completion of the transaction, the chief financial officer now owns 8,152 shares in the company, valued at $602,677.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is currently owned by corporate insiders.
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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