Tesoro Corp. (TSO) Bonds Trading 0.9% Lower
An issue of Tesoro Corp. (NYSE:TSO) debt fell 0.9% as a percentage of its face value during trading on Wednesday. The high-yield debt issue has a 4.25% coupon and will mature on October 1, 2017. The bonds in the issue are now trading at $101.68. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.
TSO has been the topic of a number of recent research reports. Cowen and Company reiterated a “buy” rating on shares of Tesoro Corp. in a report on Wednesday, June 1st. Zacks Investment Research upgraded Tesoro Corp. from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 8th. JPMorgan Chase & Co. cut their target price on Tesoro Corp. from $100.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, June 10th. Credit Suisse Group AG cut Tesoro Corp. from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $100.00 to $90.00 in a report on Wednesday, June 15th. Finally, Wolfe Research upgraded Tesoro Corp. from a “market perform” rating to an “outperform” rating in a report on Monday, June 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. Tesoro Corp. currently has a consensus rating of “Buy” and a consensus price target of $101.13.
Shares of Tesoro Corp. (NYSE:TSO) opened at 81.79 on Thursday. The company has a 50-day moving average price of $77.24 and a 200 day moving average price of $79.32. Tesoro Corp. has a one year low of $67.80 and a one year high of $119.67. The stock has a market cap of $9.77 billion, a price-to-earnings ratio of 7.66 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 for the quarter, topping the consensus estimate of $1.77 by $1.70. Tesoro Corp. had a net margin of 5.12% and a return on equity of 20.15%. The business earned $6.29 billion during the quarter, compared to the consensus estimate of $5.87 billion. During the same quarter in the prior year, the firm earned $4.59 earnings per share. The business’s quarterly revenue was down 23.7% compared to the same quarter last year. Equities research analysts expect that Tesoro Corp. will post $5.46 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a dividend of $0.55 per share. This is an increase from Tesoro Corp.’s previous quarterly dividend of $0.50. The ex-dividend date was Monday, August 29th. This represents a $2.20 annualized dividend and a dividend yield of 2.69%. Tesoro Corp.’s dividend payout ratio is 20.72%.
In other news, CFO Steven Sterin acquired 1,100 shares of Tesoro Corp. stock in a transaction that occurred on Friday, August 26th. The stock was purchased at an average price of $73.93 per share, for a total transaction of $81,323.00. Following the completion of the transaction, the chief financial officer now directly owns 8,152 shares in the company, valued at $602,677.36. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.88% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Signaturefd LLC increased its stake in shares of Tesoro Corp. by 1.4% in the second quarter. Signaturefd LLC now owns 1,351 shares of the company’s stock worth $101,000 after buying an additional 18 shares during the last quarter. Acrospire Investment Management LLC purchased 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. Advisor Group Inc. purchased a new stake in shares of Tesoro Corp. during the second quarter worth approximately $118,000. Finally, 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. Hedge funds and other institutional investors own 88.41% 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.
Receive News & Ratings for Tesoro Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tesoro Corp. and related companies with Analyst Ratings Network's FREE daily email newsletter.