Conning Inc. decreased its position in shares of Tesoro Corp. (NYSE:TSO) by 3.4% during the second quarter, Holdings Channel reports. The fund owned 2,880 shares of the company’s stock after selling 100 shares during the period. Conning Inc.’s holdings in Tesoro Corp. were worth $216,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Acrospire Investment Management LLC purchased a new position in shares of Tesoro Corp. during the first quarter worth about $103,000. Zions Bancorporation raised its stake in 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 in the last quarter. Daiwa SB Investments Ltd. raised its stake in 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 in the last quarter. Commonwealth Equity Services Inc raised its stake in 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 in the last quarter. Finally, Algert Global LLC raised its stake in 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 in the last quarter. 88.41% of the stock is owned by hedge funds and other institutional investors.
Tesoro Corp. (NYSE:TSO) traded down 1.60% during trading on Friday, hitting $79.98. The stock had a trading volume of 1,531,407 shares. The company has a market capitalization of $9.56 billion, a price-to-earnings ratio of 7.49 and a beta of 2.03. The stock has a 50 day moving average price of $79.03 and a 200 day moving average price of $78.85. Tesoro Corp. has a 12-month low of $67.80 and a 12-month high of $119.67.
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 Zacks’ consensus estimate of $1.77 by $1.70. The firm earned $6.29 billion during the quarter, compared to analyst estimates of $5.87 billion. Tesoro Corp. had a net margin of 5.12% and a return on equity of 20.15%. The company’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same period in the prior year, the business earned $4.59 EPS. Equities research analysts forecast that Tesoro Corp. will post $5.47 earnings per share for the current year.
The firm also recently disclosed 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 represents a $2.20 dividend on an annualized basis and a dividend yield of 2.75%. This is an increase 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 currently 20.72%.
Several research firms have recently weighed in on TSO. Mizuho raised their price objective on Tesoro Corp. from $67.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, July 5th. Wells Fargo & Co. reissued a “hold” rating on shares of Tesoro Corp. in a research note on Saturday, August 6th. Piper Jaffray Cos. raised their price objective on Tesoro Corp. from $82.00 to $92.00 and gave the stock an “overweight” rating in a research note on Friday, September 16th. Citigroup Inc. raised Tesoro Corp. from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $92.50 to $92.00 in a research note on Tuesday, July 19th. Finally, JPMorgan Chase & Co. reduced their price objective on Tesoro Corp. from $91.00 to $87.00 and set a “neutral” rating for the company in a research note on Friday, August 5th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $100.69.
In other Tesoro Corp. news, CFO Steven Sterin acquired 1,100 shares of Tesoro Corp. stock in a transaction dated 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 purchase, 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 filing with the SEC, which is available at the SEC website. Insiders own 0.88% 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.
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