Stoneridge Investment Partners LLC Sells 38,034 Shares of Tesoro Corp. (TSO)
Stoneridge Investment Partners LLC decreased its stake in Tesoro Corp. (NYSE:TSO) by 54.6% during the second quarter, Holdings Channel reports. The firm owned 31,648 shares of the company’s stock after selling 38,034 shares during the period. Stoneridge Investment Partners LLC’s holdings in Tesoro Corp. were worth $2,371,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Acrospire Investment Management LLC bought a new stake in shares of Tesoro Corp. during the first quarter worth approximately $103,000. Zions Bancorporation increased its stake 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 worth $106,000 after buying an additional 1,194 shares during the last quarter. Daiwa SB Investments Ltd. increased its stake 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 worth $122,000 after buying an additional 120 shares during the last quarter. Commonwealth Equity Services Inc increased its stake 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 worth $325,000 after buying an additional 425 shares during the last quarter. Finally, Algert Global LLC increased its stake in shares of 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 during the last quarter. Hedge funds and other institutional investors own 88.41% of the company’s stock.
Shares of Tesoro Corp. (NYSE:TSO) traded up 0.95% on Wednesday, reaching $81.79. The company had a trading volume of 2,624,156 shares. The firm has a market capitalization of $9.77 billion, a price-to-earnings ratio of 7.66 and a beta of 2.10. The firm has a 50-day moving average price of $77.24 and a 200 day moving average price of $79.32. Tesoro Corp. has a 1-year low of $67.80 and a 1-year high of $119.67.
Tesoro Corp. (NYSE:TSO) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $3.47 earnings per share (EPS) for the quarter, topping 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 earned $6.29 billion during the quarter, compared to the consensus estimate of $5.87 billion. During the same period in the previous year, the firm posted $4.59 EPS. The company’s quarterly revenue was down 23.7% compared to the same quarter last year. Equities research analysts predict that Tesoro Corp. will post $5.46 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were issued a $0.55 dividend. The ex-dividend date of this dividend was Monday, August 29th. This is an increase from Tesoro Corp.’s previous quarterly dividend of $0.50. This represents a $2.20 annualized dividend and a yield of 2.69%. Tesoro Corp.’s payout ratio is 20.72%.
TSO has been the topic of a number of recent research reports. Credit Suisse Group AG downgraded Tesoro Corp. from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $100.00 to $90.00 in a research note on Wednesday, June 15th. Cowen and Company restated a “buy” rating on shares of Tesoro Corp. in a research note on Wednesday, June 1st. Simmons restated an “overweight” rating and issued a $82.00 target price (up previously from $78.00) on shares of Tesoro Corp. in a research note on Monday, August 8th. Howard Weil upgraded Tesoro Corp. from a “sector perform” rating to a “sector outperform” rating and lowered their target price for the stock from $105.00 to $93.00 in a research note on Monday, July 11th. Finally, Zacks Investment Research downgraded Tesoro Corp. from a “hold” rating to a “sell” rating in a research note on Friday, August 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $101.13.
In other Tesoro Corp. news, CFO Steven Sterin purchased 1,100 shares of the business’s stock in a transaction on Friday, August 26th. The stock was bought at an average cost of $73.93 per share, for a total transaction of $81,323.00. Following the acquisition, the chief financial officer now owns 8,152 shares of the company’s stock, valued at approximately $602,677.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.88% of the stock is owned by company insiders.
Tesoro Corp. Company Profile
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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