Daiwa Securities Group Inc. cut its stake in shares of Tesoro Corp. (NYSE:TSO) by 82.5% during the second quarter, Holdings Channel reports. The institutional investor owned 2,800 shares of the company’s stock after selling 13,200 shares during the period. Daiwa Securities Group Inc.’s holdings in Tesoro Corp. were worth $210,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of Tesoro Corp. by 26.8% in the first quarter. JPMorgan Chase & Co. now owns 1,481,982 shares of the company’s stock valued at $127,465,000 after buying an additional 312,849 shares in the last quarter. Old Mutual Global Investors UK Ltd. acquired a new position in shares of Tesoro Corp. during the second quarter valued at $18,180,000. State Street Corp raised its position in shares of Tesoro Corp. by 2.6% in the first quarter. State Street Corp now owns 8,673,853 shares of the company’s stock valued at $746,035,000 after buying an additional 219,476 shares in the last quarter. HBK Investments L P raised its position in shares of Tesoro Corp. by 977.1% in the first quarter. HBK Investments L P now owns 191,719 shares of the company’s stock valued at $16,490,000 after buying an additional 173,919 shares in the last quarter. Finally, BlackRock Group LTD raised its position in shares of Tesoro Corp. by 10.0% in the first quarter. BlackRock Group LTD now owns 1,321,056 shares of the company’s stock valued at $113,623,000 after buying an additional 119,602 shares in the last quarter. Institutional investors and hedge funds own 88.41% of the company’s stock.
Tesoro Corp. (NYSE:TSO) traded down 1.37% on Thursday, reaching $81.28. 2,086,301 shares of the company were exchanged. The company’s 50-day moving average price is $78.91 and its 200-day moving average price is $78.92. The stock has a market capitalization of $9.71 billion, a P/E ratio of 7.61 and a beta of 2.03. Tesoro Corp. has a 12-month low of $67.80 and a 12-month high of $119.67.
Tesoro Corp. (NYSE:TSO) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $3.47 earnings per share for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $5.87 billion. During the same quarter in the prior year, the company posted $4.59 earnings per share. The business’s revenue was down 23.7% on a year-over-year basis. Equities research analysts anticipate that Tesoro Corp. will post $5.47 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were issued 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 of this dividend was Monday, August 29th. This represents a $2.20 annualized dividend and a yield of 2.71%. Tesoro Corp.’s dividend payout ratio is presently 20.72%.
Several equities analysts recently weighed in on TSO shares. Wells Fargo & Co. restated a “hold” rating on shares of Tesoro Corp. in a report on Sunday, July 10th. Simmons restated an “overweight” rating and issued a $82.00 price objective (up from $78.00) on shares of Tesoro Corp. in a report on Monday, August 8th. Barclays PLC reiterated an “overweight” rating and issued a $105.00 target price on shares of Tesoro Corp. in a report on Tuesday, August 2nd. Wolfe Research upgraded shares of Tesoro Corp. from a “market perform” rating to an “outperform” rating in a report on Monday, June 20th. Finally, Bank of America Corp. reiterated a “buy” rating and issued a $109.00 target price (up from $95.00) on shares of Tesoro Corp. in a report on Monday, September 26th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Tesoro Corp. currently has an average rating of “Buy” and a consensus target price of $100.69.
In other news, CFO Steven Sterin bought 1,100 shares of the stock in a transaction dated Friday, August 26th. The stock was bought at an average price of $73.93 per share, for a total transaction of $81,323.00. Following the completion of the acquisition, the chief financial officer now directly owns 8,152 shares in the company, valued at approximately $602,677.36. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.88% of the company’s stock.
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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