Seven Bridges Advisors LLC Acquires 2,991 Shares of Tesoro Corp. (TSO)
Seven Bridges Advisors LLC raised its position in Tesoro Corp. (NYSE:TSO) by 16.9% during the second quarter, Holdings Channel reports. The institutional investor owned 20,717 shares of the company’s stock after buying an additional 2,991 shares during the period. Tesoro Corp. comprises 1.3% of Seven Bridges Advisors LLC’s investment portfolio, making the stock its 19th largest position. Seven Bridges Advisors LLC’s holdings in Tesoro Corp. were worth $1,552,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in TSO. Acrospire Investment Management LLC acquired a new position in Tesoro Corp. during the first quarter worth approximately $103,000. Zions Bancorporation raised its position in Tesoro Corp. by 2,912.2% in the first quarter. Zions Bancorporation now owns 1,235 shares of the company’s stock worth $106,000 after buying an additional 1,194 shares in the last quarter. 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 worth $122,000 after buying an additional 120 shares in the last quarter. Commonwealth Equity Services Inc raised its position in Tesoro Corp. by 12.7% in the first quarter. Commonwealth Equity Services Inc now owns 3,779 shares of the company’s stock worth $325,000 after buying an additional 425 shares in the last quarter. Finally, Algert Global LLC raised its position in Tesoro Corp. by 64.1% in the first quarter. Algert Global LLC now owns 4,316 shares of the company’s stock worth $371,000 after buying an additional 1,686 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.
Shares of Tesoro Corp. (NYSE:TSO) traded up 1.90% on Monday, hitting $83.54. 2,733,628 shares of the stock were exchanged. The company has a market cap of $9.98 billion, a price-to-earnings ratio of 7.82 and a beta of 2.10. Tesoro Corp. has a 52-week low of $67.80 and a 52-week high of $119.67. The company has a 50 day moving average of $76.84 and a 200 day moving average of $79.33.
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 the Thomson Reuters’ consensus estimate of $1.77 by $1.70. Tesoro Corp. had a return on equity of 20.15% and a net margin of 5.12%. The firm had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $5.87 billion. During the same period in the prior year, the business posted $4.59 earnings per share. The company’s revenue was down 23.7% on a year-over-year basis. Equities research analysts forecast 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. 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 2.63%. This is a boost from Tesoro Corp.’s previous quarterly dividend of $0.50. The ex-dividend date was Monday, August 29th. Tesoro Corp.’s dividend payout ratio is 20.72%.
Several equities analysts have commented on the stock. Wells Fargo & Co. reissued a “hold” rating on shares of Tesoro Corp. in a report on Saturday, August 6th. Cowen and Company reissued a “buy” rating on shares of Tesoro Corp. in a report on Wednesday, June 1st. JPMorgan Chase & Co. decreased their target price on shares of Tesoro Corp. from $100.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, June 10th. Zacks Investment Research raised shares of Tesoro Corp. from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 8th. Finally, Scotiabank raised shares of Tesoro Corp. from a “sector perform” rating to an “outperform” rating and decreased their target price for the company from $105.00 to $93.00 in a report on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the company. Tesoro Corp. has a consensus rating of “Buy” and an average price target of $101.13.
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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