Simmons Raises Price Target on Tesoro Petroleum (TSO) to $82; Remains Bullish
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Simmons reiterated an Overweight rating on Tesoro Corporation (NYSE: TSO), and raised the price target to $82.00 (from $78.00), following the company's 2Q earnings report.
Analyst Jeff Dietert commented, "TSO 2Q adjusted earnings were slightly below expectations and FY’16 improved utilization and efficiency gains were revised lower by $100M. However, TSO remains on track to capture $400M-$500M of FY’16 operating income improvements and we expect TSO to build its cash position in 2H’16 supported by selling Alaska and Martinez assets to TLLP. The company raised its dividend by 10% and bought back $100M of stock in 2Q. California margins have softened as expected with the Torrance restart, however, we view the California market as attractive in the mid-to-long term. TSO remains our favorite within the refining sector."
Shares of Tesoro Corporation closed at $74.22 yesterday.
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