Barclays Maintains an 'Overweight' on Tesoro Corp (TSO); 3Q11 Preview: Expect $1.87

Barclays maintains an 'Overweight' on Tesoro Corporation (NYSE: TSO) price target of $41.00.

Barclays analyst says, "We fine tune our 4Q11, 2011, and 2012 estimates to reflect mark-to-market on our commodity price deck...We expect TSO to report earnings of $271 million in 3Q11, compared to $237 million in 2Q11 and $71 million in 3Q10...We expect throughput to average 610 mb/d (000's b/d) in the quarter, up 29% y-o-y and 6% q-o-q...We expect realized refining margin to average $16.4/bl, compared to the 2Q11 level of $15.9/bl and 3Q10 level of $13.3/bl...TSO 3Q11 estimate does not include any inventory or hedging gain or loss...However, our estimate include a $16 mm pre-tax, or $0.07/share benefit related to stock-based compensation in view of the lower share price in the quarter."

For more ratings news on Tesoro Corporation click here and for the rating history of Tesoro Corporation click here.

Shares of Tesoro Corporation closed at $27.10 yesterday.

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