ING Groep NV boosted its stake in Tesoro Corp. (NYSE:TSO) by 110.3% during the second quarter, Holdings Channel reports. The institutional investor owned 9,110 shares of the company’s stock after buying an additional 4,778 shares during the period. ING Groep NV’s holdings in Tesoro Corp. were worth $683,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of the company. Acrospire Investment Management LLC bought a new stake in shares of Tesoro Corp. during the first quarter valued at $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 valued at $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 valued at $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 valued at $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 valued at $371,000 after buying an additional 1,686 shares during the last quarter. 88.41% of the stock is owned by institutional investors and hedge funds.
Tesoro Corp. (NYSE:TSO) traded down 1.60% during midday trading on Friday, hitting $79.98. The stock had a trading volume of 1,531,407 shares. Tesoro Corp. has a 52-week low of $67.80 and a 52-week high of $119.67. The company’s 50 day moving average price is $79.03 and its 200-day moving average price is $78.85. The stock has a market cap of $9.56 billion, a PE ratio of 7.49 and a beta of 2.03.
Tesoro Corp. (NYSE:TSO) last announced its earnings results on Wednesday, August 3rd. The company reported $3.47 EPS for the quarter, topping the Zacks’ consensus estimate of $1.77 by $1.70. The firm earned $6.29 billion during the quarter, compared to analysts’ expectations of $5.87 billion. Tesoro Corp. had a return on equity of 20.15% and a net margin of 5.12%. The company’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.59 EPS. Analysts forecast that Tesoro Corp. will post $5.47 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were issued a $0.55 dividend. This is a boost from Tesoro Corp.’s previous quarterly dividend of $0.50. The ex-dividend date was Monday, August 29th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.75%. Tesoro Corp.’s payout ratio is 20.72%.
Several brokerages have weighed in on TSO. Bank of America Corp. reiterated a “buy” rating and issued a $109.00 price objective (up previously from $95.00) on shares of Tesoro Corp. in a research report on Monday, September 26th. Vetr upgraded Tesoro Corp. from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 28th. Zacks Investment Research upgraded Tesoro Corp. from a “sell” rating to a “hold” rating in a research report on Thursday, September 22nd. Piper Jaffray Cos. boosted their price objective on Tesoro Corp. from $82.00 to $92.00 and gave the company an “overweight” rating in a research report on Friday, September 16th. Finally, JPMorgan Chase & Co. lowered their price objective on Tesoro Corp. from $100.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, June 10th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $100.69.
In other Tesoro Corp. news, CFO Steven Sterin acquired 1,100 shares of the company’s stock in a transaction that occurred on 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 acquisition, the chief financial officer now directly owns 8,152 shares in the company, valued at $602,677.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is owned by 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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