Simmons Raises Price Target on Tesoro Petroleum (TSO) to $82; Remains Bullish
- S&P, Dow fall with health stocks; Microsoft lifts Nasdaq
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
- General Electric (GE) Tops Q3 EPS by 2c; Updates FY16 EPS Outlook
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- RBC Capital Raises Price Target on Danaher (DHR) Following 'Clean' 3Q Report
- Jefferies Raises Price Target on ICON plc (ICLR) to $87.50; Reiterates Hold
- RBC Capital Raises Price Target on Benchmark Electronics (BHE) Following In-Line 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!