Zacks Investment Research Downgrades Tesoro Logistics LP (TLLP) to Sell
Tesoro Logistics LP (NASDAQ:TLLP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Tesoro Logistics LP is a limited partnership formed to own, operate, develop and acquire crude oil and refined products logistics assets. The Company’s logistics assets are used to gather, transport and store crude oil and to distribute, transport and store refined products. Tesoro Logistics operates its business through two business segments: Crude Oil Gathering and Terminalling, Transportation and Storage. “
Several other brokerages have also issued reports on TLLP. Mizuho initiated coverage on Tesoro Logistics in a research note on Thursday, September 29th. They issued a “buy” rating and a $58.00 price target on the stock. Jefferies Group initiated coverage on Tesoro Logistics in a research note on Tuesday, August 23rd. They issued a “hold” rating and a $49.00 price target on the stock.
Tesoro Logistics (NASDAQ:TLLP) opened at 46.64 on Tuesday. The firm has a market cap of $4.71 billion and a price-to-earnings ratio of 20.94. Tesoro Logistics has a 1-year low of $35.18 and a 1-year high of $56.92. The firm has a 50-day moving average price of $47.23 and a 200 day moving average price of $47.22.
Tesoro Logistics (NASDAQ:TLLP) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.12. The firm earned $293 million during the quarter, compared to the consensus estimate of $275 million. During the same quarter last year, the firm posted $0.60 EPS. The business’s revenue was up 6.5% on a year-over-year basis. Equities analysts predict that Tesoro Logistics will post $2.63 earnings per share for the current year.
In other news, CFO Steven Sterin acquired 1,600 shares of Tesoro Logistics stock in a transaction that occurred on Friday, August 26th. The shares were acquired at an average price of $47.34 per share, for a total transaction of $75,744.00. Following the transaction, the chief financial officer now directly owns 2,514 shares of the company’s stock, valued at approximately $119,012.76. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
A hedge fund recently bought a new stake in Tesoro Logistics stock. Creative Planning acquired a new position in Tesoro Logistics LP (NASDAQ:TLLP) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,500 shares of the company’s stock, valued at approximately $121,000.
About Tesoro Logistics
Tesoro Logistics LP (TLLP) owns, operates, develops and acquires logistics assets. TLLP is a logistics company operating primarily in the western and mid-continent regions of the United States. The Company operates through three segments: Gathering, Processing, and Terminalling and Transportation. Its gathering systems include crude oil and natural gas pipeline gathering systems in the Bakken Shale/Williston Basin area of North Dakota and Montana and the Green River Basin, Uinta Basin and Vermillion Basin in the states of Utah, Colorado and Wyoming.
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