Pitcairn Co. Buys 5,037 Shares of Tesoro Corp. (TSO)
Pitcairn Co. increased its position in shares of Tesoro Corp. (NYSE:TSO) by 46.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,936 shares of the company’s stock after buying an additional 5,037 shares during the period. Pitcairn Co.’s holdings in Tesoro Corp. were worth $1,194,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Acrospire Investment Management LLC acquired a new stake in shares of Tesoro Corp. during the first quarter valued at $103,000. Zions Bancorporation boosted its position in shares of Tesoro Corp. by 2,912.2% in the first quarter. Zions Bancorporation now owns 1,235 shares of the company’s stock valued at $106,000 after buying an additional 1,194 shares during the period. Daiwa SB Investments Ltd. boosted its position in shares of 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 during the period. Commonwealth Equity Services Inc boosted its position in shares of Tesoro Corp. by 12.7% in the first quarter. Commonwealth Equity Services Inc now owns 3,779 shares of the company’s stock valued at $325,000 after buying an additional 425 shares during the period. Finally, LS Investment Advisors LLC boosted its position in shares of Tesoro Corp. by 19.2% in the second quarter. LS Investment Advisors LLC now owns 4,500 shares of the company’s stock valued at $337,000 after buying an additional 726 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.
Shares of Tesoro Corp. (NYSE:TSO) traded down 3.02% during trading on Tuesday, reaching $81.02. The company had a trading volume of 2,445,524 shares. Tesoro Corp. has a 1-year low of $67.80 and a 1-year high of $119.67. The firm has a 50-day moving average of $77.02 and a 200 day moving average of $79.30. The firm has a market capitalization of $9.68 billion, a PE ratio of 7.58 and a beta of 2.10.
Tesoro Corp. (NYSE:TSO) last announced its earnings results on Wednesday, August 3rd. The company reported $3.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $1.70. The company had revenue of $6.29 billion for the quarter, compared to analyst estimates of $5.87 billion. Tesoro Corp. had a return on equity of 20.15% and a net margin of 5.12%. The firm’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.59 earnings per share. Analysts expect that Tesoro Corp. will post $5.46 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a dividend of $0.55 per share. The ex-dividend date was Monday, August 29th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.72%. This is a positive change from Tesoro Corp.’s previous quarterly dividend of $0.50. Tesoro Corp.’s dividend payout ratio is currently 20.72%.
TSO has been the topic of several research analyst reports. Mizuho increased their price objective on Tesoro Corp. from $67.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, July 5th. Barclays PLC raised Tesoro Corp. from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $96.00 to $100.00 in a research note on Thursday, June 30th. Goldman Sachs Group Inc. raised Tesoro Corp. from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $96.00 to $100.00 in a research note on Wednesday, June 29th. Cowen and Company reissued a “buy” rating on shares of Tesoro Corp. in a research note on Wednesday, June 1st. Finally, Citigroup Inc. raised Tesoro Corp. from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $92.50 to $92.00 in a research note on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the stock. Tesoro Corp. presently has a consensus rating of “Buy” and an average target price of $101.13.
In related news, CFO Steven Sterin acquired 1,100 shares of the business’s stock in a transaction dated Friday, August 26th. The shares were acquired at an average price of $73.93 per share, with a total value of $81,323.00. Following the completion of the transaction, the chief financial officer now owns 8,152 shares of the company’s stock, valued at $602,677.36. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.88% of the company’s stock.
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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