reports
- Please Change Name Arvinder Saluja
- CFA
Tesoro Corporation: Update following upgrade to investment grade
CORPORATES CREDIT OPINION 21 July 2017 Update RATINGS Tesoro Corporation Domicile San Antonio, Texas, United States Long Term Rating Baa3 Type Senior Unsecured - Dom Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Arvinder Saluja, CFA 212-553-1639 VP-Senior Anal
- Please Change Name Arvinder Saluja
- CFA
TESORO CORP. reduced its risk exposure resulting in an upgrade to Slig...
TESORO CORP. (US), a company active in the Exploration & Production industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 4 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date July 4, 2017, the closing price...
- Please Change Name Arvinder Saluja
- CFA
- Allen Good
- CFA
Tesoro Earnings Improve in 1Q; Shares Attractive on Valuation and Impr...
Tesoro reported that earnings from continuing operations fell to $50 million from $58 million the year before, as strong operating performance was offset in part by higher interest charge and expenses related to the pending Western Refining acquisition. Refining operating income swung to a profit of $34 million from a loss of $93 million last year. The improvement primarily resulted from a negative inventory adjustment the year before, but market conditions also improved slightly, while Tesoro o...
- Allen Good
- CFA
Tesoro is set to deliver operational improvements throughout its Calif...
OPEC's production cuts and strong demand growth have 2017 crude fundamentals in their best shape since oil prices crashed two years ago. The consensus outlook is that fundamentals are now strong enough to remain healthy even after OPEC's cuts lapse. This might have been possible a few months ago, but the odds of this scenario playing out have markedly worsened since. The reason is that major increases in shale activity now have U.S. production firmly on a path of rapid growth, even if rig counts...
TESORO CORPORATION (TSO) SHAREHOLDER ALERT – Andrews & Springer LLC ...
WILMINGTON, Del.--(BUSINESS WIRE)-- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against Tesoro Corporation (NYSE:TSO) (“Tesoro” or the “Company”). If you currently own shares of Tesoro and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/tesoro-class-action-investigation/ or contact Cr...
- Please Change Name Saluja
Tesoro Corporation: Covenant Quality Post-Sale Snapshot: $850m 4.750% ...
CORPORATES ISSUER IN-DEPTH 3 January 2017 Source Documents: Final OM (12/15/16) Peer Group: » Oil & Gas KEY METRICS: Historical financial data (as of 09/30/16) Total assets = 27,393 Pro forma financial data (as of 09/30/16) Total debt = 7,584 (All figures in $ millions unless otherwise noted) (Ratios may vary from Moody’s adjusted ratios) This report contains Moody’s analysis of the principal
Ford Equity US Rating and Forecast Report
Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.
- Allen Good
- CFA
Nothing Novel About It: OPEC Adds a Twist to the Plot, but the Ending ...
OPEC's announced production cuts this week represent a positive near-term development for world oil markets, removing more than 1 million barrels per day from an oversupplied system. Even after factoring in the inevitable U.S. shale response to higher crude prices, OPEC's cuts point to a meaningful supply deficit next year. Consequently, we are raising our 2017 WTI price to $60 per barrel, up from $50 previously. Improved near-term fundamentals come at a cost, however. Even a modest recovery in ...
TESORO CORPORATION (TSO) SHAREHOLDER ALERT – Andrews & Springer LLC ...
WILMINGTON, Del.--(BUSINESS WIRE)-- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against Tesoro Corporation (NYSE:TSO) (“Tesoro” or the “Company”). If you currently own shares of Tesoro and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/tesoro-class-action-investigation/ or contact Cr...
- Allen Good
- CFA
Tesoro Pounces on Western Refining; Valuation Reasonable While Strateg...
Tesoro announced plans to acquire Western Refining for 0.4350 shares of Tesoro or $37.30 per share based on the Nov. 16 closing price. Including the assumption of $1.7 billion in debt and the $605 million market value of Western’s non-controlling interest in Western Refining Logistics, the transaction represents an enterprise value of $6.4 billion. We plan to adjust our fair value estimate for Western to reflect the offer price as we see the deal as likely to close. While Tesoro is paying a p...
- Allen Good
- CFA
Oil and Gas Sector Likely to Fare Well Under Trump Administration
For global energy markets, the potential knock-on impacts of a Donald Trump presidency could be meaningful in a few areas. With respect to U.S. oil and gas producers, we can say that the tail risk for regulation of hydraulic fracturing and methane emissions is now somewhat lower. Thus far, the Environmental Protection Agency has maintained that the systemic environmental impact of hydraulic fracturing is benign. A Trump-led EPA is less likely to reverse this view than a Hillary Clinton-led EPA. ...
- Allen Good
- CFA
Tesoro Earnings Tumble on Weak Refining Results; Improvement Plans Rem...
Tesoro reported a sharp drop in third-quarter earnings to $170 million from $759 million a year ago as result of deterioration in refining market conditions and a return to more normalized retail marketing environment. Refining operating income fell to $52 million from $899 million last year on a drop in the Tesoro index to $12.45/barrel from $23.09/bbl last year and a decline in the capture rate to 73% from 84%. Higher renewable identification number costs contributed to the deterioration in ca...
- Allen Good
- CFA
OPEC Cuts, U.S. E&Ps Drill: Our Oil Price Outlook Remains Unchanged
In a somewhat surprising development, OPEC members have tentatively agreed to a production target of between 32.5 million and 33.3 million barrels per day, representing a reduction of up to 700 mb/d from current production levels of 33.2 mmb/d. Oil prices rallied on the news, but our view for continued low prices of $50/bbl in 2017 (detailed in our Aug. 26 report) remains unchanged, as we do not believe the potential reduction will have a meaningful sustainable impact on oil prices. While the lo...
- Allen Good
- CFA
Crude-Market Fundamentals Continue to Tighten, but the Recovery Still ...
Crude markets have tightened a good deal in recent months, as strong oil demand growth and supply issues have pulled forward the industry recovery by about a year compared with the outlook we published in April. Even so, 2017 fundamentals are far from robust from an oil price perspective, and don't appear supportive of prices moving much above the $50 per barrel threshold. Another large uptick in rig additions in the U.S. could be enough to eliminate near-term inventory draws altogether, which i...
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