Sit Investment Associates Inc. Purchases New Position in Tesoro Corporation (NYSE:TSO)

Sit Investment Associates Inc. purchased a new position in Tesoro Corporation (NYSE:TSO) during the second quarter, Holdings Channel reports. The institutional investor purchased 15,847 shares of the oil and gas company’s stock, valued at approximately $1,483,000.

Several other large investors have also recently made changes to their positions in the company. Edge Wealth Management LLC purchased a new stake in shares of Tesoro Corporation during the first quarter worth about $102,000. Coconut Grove Bank increased its stake in shares of Tesoro Corporation by 3,685.7% in the first quarter. Coconut Grove Bank now owns 1,325 shares of the oil and gas company’s stock worth $107,000 after buying an additional 1,290 shares during the last quarter. National Pension Service increased its stake in shares of Tesoro Corporation by 187.8% in the second quarter. National Pension Service now owns 1,278 shares of the oil and gas company’s stock worth $119,000 after buying an additional 834 shares during the last quarter. CENTRAL TRUST Co increased its stake in shares of Tesoro Corporation by 0.9% in the first quarter. CENTRAL TRUST Co now owns 1,483 shares of the oil and gas company’s stock worth $120,000 after buying an additional 13 shares during the last quarter. Finally, Trust Department MB Financial Bank N A increased its stake in shares of Tesoro Corporation by 10.2% in the second quarter. Trust Department MB Financial Bank N A now owns 1,356 shares of the oil and gas company’s stock worth $127,000 after buying an additional 126 shares during the last quarter. 91.83% of the stock is currently owned by hedge funds and other institutional investors.

Tesoro Corporation (NYSE TSO) opened at 96.99 on Friday. Tesoro Corporation has a 12 month low of $72.78 and a 12 month high of $98.24. The firm’s 50-day moving average is $92.98 and its 200-day moving average is $85.23. The company has a market capitalization of $11.36 billion, a PE ratio of 16.17 and a beta of 1.71.

Tesoro Corporation (NYSE:TSO) last issued its quarterly earnings data on Monday, May 8th. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.16. The business had revenue of $6.64 billion for the quarter, compared to analysts’ expectations of $6.46 billion. Tesoro Corporation had a return on equity of 7.89% and a net margin of 2.74%. The company’s revenue for the quarter was up 30.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.19 EPS. Equities analysts anticipate that Tesoro Corporation will post $4.95 EPS for the current fiscal year.

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A number of brokerages have recently issued reports on TSO. US Capital Advisors reissued a “buy” rating on shares of Tesoro Corporation in a report on Monday, May 22nd. Credit Suisse Group increased their price target on shares of Tesoro Corporation from $100.00 to $107.00 and gave the stock a “neutral” rating in a report on Tuesday, June 20th. Citigroup Inc. increased their price target on shares of Tesoro Corporation from $104.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, July 17th. TheStreet downgraded shares of Tesoro Corporation from a “b” rating to a “c+” rating in a report on Thursday, May 11th. Finally, Zacks Investment Research raised shares of Tesoro Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, May 16th. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Tesoro Corporation presently has an average rating of “Buy” and an average price target of $109.00.

In other news, Director David Lilley acquired 500 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were acquired at an average cost of $83.16 per share, with a total value of $41,580.00. Following the acquisition, the director now directly owns 15,134 shares of the company’s stock, valued at $1,258,543.44. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Steven Sterin acquired 1,150 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were purchased at an average cost of $83.75 per share, for a total transaction of $96,312.50. Following the completion of the acquisition, the chief financial officer now directly owns 9,942 shares in the company, valued at $832,642.50. The disclosure for this purchase can be found here. 0.86% of the stock is owned by corporate insiders.

About Tesoro Corporation

Tesoro Corporation (Tesoro) is an independent petroleum refining, logistics and marketing company. he Company operates through three segments. The Refining operating segment refines crude oil and other feedstocks into transportation fuels, such as gasoline and gasoline blendstocks, jet fuel and diesel fuel, as well as other products, including heavy fuel oils, liquefied petroleum gas and petroleum coke for sale in bulk markets to a range of customers within its markets.

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