Tesoro Corp

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  • uploads///Estimates
    Earnings Report

    Valero’s 4Q15 Estimates Suggest Two Big Words: Under Pressure

    In 4Q15, according to Wall Street analyst estimates, Valero is expected to post EPS of $1.40, which would be 23% lower than its 4Q14 adjusted EPS.

    By Maitali Ramkumar
  • uploads///Segments
    Earnings Report

    How Did Tesoro’s Refining Margin Trend in 3Q16?

    Tesoro (TSO) noted a contraction in its GRM (gross refining margin) by $10.4 per barrel YoY (year-over-year) to $9.1 per barrel in 3Q16.

    By Maitali Ramkumar
  • uploads///WTI Brent Spread
    Energy & Utilities

    Must-know effects of the Ukraine crisis on your oil investments

    The immediate effect of the current crisis between Russia and Ukraine is that it has likely provided some support to oil prices and caused some volatility in oil prices.

    By Ingrid Pan
  • uploads///Targets
    Earnings Report

    Valero Energy’s Analyst Recommendations: No “Sell” Ratings

    Barclays, Goldman Sachs, Credit Suisse, and Wolfe Research have positive recommendations for the stock. They gave price targets equal to $80 per share or above.

    By Maitali Ramkumar
  • uploads///ANS versus Bakken Rail Delivered Price to Anacortes WA
    Macroeconomic Analysis

    Tesoro’s Big Bet on Building Crude-by-Rail Infrastructure

    An important part of Tesoro’s business, crude-by-rail allows refiners to cover maximum accessibility and to gain from price differentials.

    By Manu Milan
  • uploads///Segment
    Earnings Report

    Waiting for the Numbers: Valero’s 4Q15 Earnings and Refining Margin Trend

    In 3Q15, Valero noted a rise in its gross refining margin by $2.6 per barrel to $14.4 per barrel, compared to what we saw in 3Q14.

    By Maitali Ramkumar
  • uploads///Segments
    Earnings Report

    Your Segmental Analysis of Marathon Petroleum’s 4Q15 Results

    On a sequential basis, Marathon’s operating income fell by 78%. All the segments reported declines in income in 4Q15 over 3Q15.

    By Maitali Ramkumar
  • uploads///Segments
    Earnings Report

    What Does Tesoro’s Refining Index for 2Q16 Suggest?

    Before analyzing Tesoro’s (TSO) refining index for 2Q16, let’s take a look at TSO’s refining margin trend up to 1Q16.

    By Maitali Ramkumar
  • uploads///Part
    Company & Industry Overviews

    Phillips 66’s Cash Flow: Rising Shareholder Returns and Capex

    From 3Q14 to 3Q15, PSX maintained average quarterly cash flow from operations at $1.1 billion. The company has continued its focus on preserving growth.

    By Maitali Ramkumar
  • uploads///Annotated
    Earnings Report

    Will Tesoro’s Stock Uptrend Last after 4Q15 Earnings?

    Tesoro Corporation’s (TSO) stock was on an uptrend in 2015, fueled by healthy refining margins. TSO rose 21% in the trailing 12 months up to January 20, 2016.

    By Maitali Ramkumar
  • uploads///Segments
    Company & Industry Overviews

    How Did Valero’s Refining Margins Shape Up in Its Latest Quarter?

    Valero’s total refining capacity is 3.0 MMbpd (million barrels per day), of which 1.7 MMbpd is located in the US Gulf Coast.

    By Maitali Ramkumar
  • uploads///heating oil prices
    Macroeconomic Analysis

    Heating Oil Prices Fall by ~11 Cents per Gallon

    Last week, as of March 23, residential heating oil prices averaged ~$2.93 per gallon—~11 cents per gallon lower than the week before.

    By Keisha Bandz
  • Energy & Utilities

    Why the Chemicals and Midstream segments outperformed in 2Q14

    Phillips 66’s net income decreased ~10% to $863 million in 2Q14—from $958 million in 2Q13. Despite the decrease, the Midstream and Chemicals segments’ share in the net income increased to 11% and 33% in 2Q14.

    By Alex Chamberlin
  • uploads///Estimates
    Earnings Report

    Valero’s 1Q17 Earnings Beat Estimates, Refining Margin Expands

    Valero Energy (VLO) posted its 1Q17 results on April 25, 2017. Before we proceed with an earnings review, let’s quickly examine VLO’s 1Q17 performance versus its estimates.

    By Maitali Ramkumar
  • uploads///heating oil
    Macroeconomic Analysis

    Average US Households Expected to Spend $710 Less on Heating Oil

    Like gasoline and distillates, heating oil consumption or demand trends matter to refineries.

    By Keisha Bandz
  • uploads///Ref Margin
    Earnings Report

    What Tesoro’s Refining Index for 3Q16 Suggests

    In 3Q16, Tesoro’s (TSO) refining index values, which are regional crack indicators in the areas where TSO operates, have fallen compared to 3Q15.

    By Maitali Ramkumar
  • uploads///Valuations
    Company & Industry Overviews

    MPC, TSO, VLO, PSX: Which Refining Stock Is Trading at a Premium?

    Now, let’s look at the forward valuations of Marathon Petroleum (MPC), Tesoro (TSO), Valero Energy (VLO), and Phillips 66 (PSX).

    By Maitali Ramkumar
  • uploads///Leverage
    Company & Industry Overviews

    Marathon Petroleum’s Debt Is Lower than Industry Averages

    Marathon Petroluem’s net debt-to-EBITDA ratio stood at 1.9x in 4Q16. It’s lower than the average industry ratio of 2.8x.

    By Maitali Ramkumar
  • uploads///refinery inputs
    Macroeconomic Analysis

    Refinery Inputs Fell but Are Higher than 2014 Levels

    US crude oil refinery inputs averaged 17.029 million barrels per day (or MMbpd) during the week ended August 7.

    By Keisha Bandz
  • uploads///Correlation
    Company & Industry Overviews

    Refining Stocks and Oil Prices: Understanding the Correlation Coefficient

    The correlation coefficient of Phillips 66 (PSX) and WTI stands highest among refiners at 0.42.

    By Maitali Ramkumar
  • uploads///residential heating oil prices
    Macroeconomic Analysis

    Important update on heating oil prices

    As of January 5, residential heating oil prices averaged ~$2.97 per gallon, ~$0.08 lower than last week and $1.05 lower than the same week last year.

    By Keisha Bandz
  • uploads///US gasoline demand
    Macroeconomic Analysis

    What Are the Key Drivers for the Crude Oil Market This Week?

    July West Texas Intermediate crude oil futures contracts trading in NYMEX rose by 2.9% and settled at $49.37 per barrel on June 20, 2016.

    By Gordon Kristopher
  • uploads///Analyst ratings
    Miscellaneous

    Why Most Analysts Are Calling Marathon Petroleum a ‘Buy’

    Marathon Petroleum (MPC) has been rated by 19 Wall Street analysts. Seventeen analysts (or 89%) have rated it as a “buy” so far in May 2017.

    By Maitali Ramkumar
  • uploads///Fwd valuations
    Company & Industry Overviews

    Comparing MPC’s, TSO’s, VLO’s, and PSX’s Valuation

    Average valuation multiples Earlier, we discussed refining stocks’ performance in 1Q17 and compared their dividend yields. In this part, we’ll look at Marathon Petroleum’s (MPC), Tesoro’s (TSO), Valero Energy’s (VLO), and Phillips 66’s (PSX) forward valuation. The average forward EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiples and average forward PE […]

    By Maitali Ramkumar
  • uploads///rresidential heasting prices
    Macroeconomic Analysis

    Heating oil prices prices rise by about 11 cents per gallon

    Heating oil prices are linked to crude prices. As crude prices began to fall late last year, so did heating oil prices. However, last week, crude prices had been rising. This move was mirrored by heating oil prices, as the graph above shows.

    By Keisha Bandz
  • uploads///Hist valuations
    Company & Industry Overviews

    How Refining Stocks’ Historical Valuation Compares

    Refining stocks’ valuation In this part, we’ll compare refining stocks’ EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) ratios with their three-year averages. Marathon Petroleum (MPC), Valero Energy (VLO), Phillips 66 (PSX), and Tesoro (TSO) are trading higher than their historical valuation. MPC was trading at a 10.3x EV-to-EBITDA ratio in 1Q17, compared […]

    By Maitali Ramkumar
  • uploads///cfcbdeacadabeaf
    Macroeconomic Analysis

    US Crude Oil Prices Are Almost Flat as the US Dollar Depreciates

    WTI crude oil futures contracts for December delivery rose by 0.26% October 29. Crude oil prices rose due to technical buying activity and the depreciating US dollar.

    By Gordon Kristopher
  • Energy & Utilities

    Must-know: Phillips 66’s Marketing and Specialties segment

    In 2013, the Marketing & Specialties segment’s net profit went up 89% to $790 million—from $417 million in 2012. The improved performance was a result of higher Renewable Identification Numbers (or RINs) values.

    By Alex Chamberlin
  • uploads///Credit Ratings
    Company & Industry Overviews

    Marathon Petroleum’s Credit Rating Compared to Its Peers

    Marathon Petroleum’s credit rating of BBB is higher than Tesoro. Valero Energy’s (VLO) rating is in line with Marathon Petroleum’s credit rating.

    By Maitali Ramkumar
  • Energy & Utilities

    Why the Chemicals segment has been a consistent performer

    In 2013, net profit from the Chemicals segment increased 20% to $986 million— from $823 million in 2012. The increase in earnings in 2013, compared to 2012, was a result of using NGL feedstock.

    By Alex Chamberlin
  • uploads///EBITDA
    Energy & Utilities

    Must-know: Putting Phillips 66’s debt levels into perspective

    There’s no imminent liquidity crisis. PSX is generating enough cash to cover its major needs. Its high debt level is a concern—particularly if there’s any liquidity crunch in the financial market.

    By Alex Chamberlin
  • uploads///heating oil
    Macroeconomic Analysis

    Why do heating oil prices continue to fall?

    Heating oil prices are linked to crude prices. As crude prices began to fall late last year, so did heating oil prices.

    By Keisha Bandz
  • uploads///YTD
    Energy & Utilities

    Why Philips 66’s 1H14 results show balanced performance

    Phillips 66’s (PSX) net income improved in the first half of 2014 (or 1H14) versus the same period in 2013. In 1H14, operating revenues increased marginally to $85.8 billion—from $84.4 billion in 1H13.

    By Alex Chamberlin
  • uploads///diesel
    Macroeconomic Analysis

    What Drove Diesel Prices Higher the Week Ended September 4?

    Prompt New York Harbor ultra-low-sulfur diesel futures traded on the NYMEX closed ~2.4% higher on a weekly basis at ~$1.62 per gallon in the week ended September 4.

    By Keisha Bandz
  • uploads///heating oil prices
    Macroeconomic Analysis

    Analyzing the latest increase in heating oil prices

    As of February 16, residential heating oil prices averaged ~$3.03 per gallon. The prices were ~$0.12 per gallon higher than last week.

    By Keisha Bandz
  • uploads///Throughput
    Company & Industry Overviews

    This US Refiner Had the Highest Utilization Rate in 1Q17

    Tesoro (TSO) achieved a 92% refinery utilization rate in 1Q17—the highest among our select group of four major US refiners.

    By Maitali Ramkumar
  • uploads///SI
    Miscellaneous

    How Short Interest Affects Integrated Energy and Refiner Stocks

    On February 23, 2017, Alon USA Energy (ALJ) had the highest short interest-to-equity float ratio among our list of integrated energy and refiner stocks. Its ratio was 13.9%.

    By Rabindra Samanta
  • uploads///Hist Valuations
    Company & Industry Overviews

    How Refining Stocks’ Valuations Compare to Historical Averages

    In this article, we’ll look at refining stocks’ EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) ratios compared to their three-year historical averages.

    By Maitali Ramkumar
  • uploads///gmr
    Energy & Utilities

    Why Tesoro’s crude oil gathering and pipeline segment is positive

    Tesoro Logistics’ (TLLP) operations are organized into the Crude Oil Gathering segment and the Terminalling and Transportation segment.

    By Keisha Bandz
  • uploads///Part _
    Fund Managers

    Possibly Overbought Refiners Posted Losses Last Week

    US refiners have profited from access to cheaper crude oil inputs. But a series of refinery projects being ramped up in Latin America could stall exports.

    By Stuart McKenzie
  • uploads///gasoline
    Macroeconomic Analysis

    What Caused a ~6% Drop in Gasoline Prices Last Week?

    Gasoline prices loosely track changes in crude oil prices (USO), usually Brent crude oil prices, the international benchmark.

    By Keisha Bandz
  • uploads///CTSH
    Consumer

    Bridgewater Associates buys HPQ, RL, and GE and sells TSO, BEN, and CTSH—13F Flash F

    Bridgewater Associates is an investment management firm founded by Ray Dalio in 1975 and based in Westport, Connecticut. Why sell Cognizant Tech Solutions (CTSH)?

    By Samantha Nielson
  • uploads///Valuations
    Company & Industry Overviews

    These Refining Stocks Are Trading at a Premium

    PSX is trading at 9x its forward EV-to-EBITDA ratio and at 16.4x its forward PE ratio, which is above the peer averages.

    By Maitali Ramkumar
  • uploads///SI
    Company & Industry Overviews

    Why These Integrated Energy and Refiner Stocks Could Spell Trouble

    On April 3, 2017, PBF Energy (PBF) had the highest short-interest-to-equity float ratio among these integrated energy and refiner stocks.

    By Rabindra Samanta
  • uploads///heating oil prices
    Macroeconomic Analysis

    Lower heating oil prices are a positive for US households

    Last week, residential heating oil prices fell ~8 cents compared to the prior week, averaging $3.14 per gallon. Prices were 81 cents lower than last year.

    By Keisha Bandz
  • uploads///GE
    Consumer

    Bridgewater Associates buys HPQ, RL, and GE and sells TSO, BEN, and CTSH—13F Flash C

    Bridgewater Associates is an investment management firm founded by Ray Dalio in 1975 and based in Westport, Connecticut. Why buy General Electric Co. (GE)?

    By Samantha Nielson
  • uploads///U
    Macroeconomic Analysis

    Why Did RBOB Gasoline Outperform Heating Oil?

    The EIA reported RBOB gasoline futures contract 1 prices at $1.30 per gallon on November 23, representing a fall of ~1.8% from $1.32 per gallon on October 16.

    By Manu Milan
  • uploads///DMA
    Company & Industry Overviews

    Why Has Tesoro Stock Fallen in 1Q17?

    Since January 3, 2017, Tesoro stock has fallen 8%, more than its peers Marathon Petroleum and Valero Energy, the leading American downstream companies.

    By Maitali Ramkumar
  • uploads///Ralph
    Consumer

    Bridgewater Associates buys HPQ, RL, and GE and sells TSO, BEN, and CTSH—13F Flash B

    Bridgewater Associates is an investment management firm founded by Ray Dalio in 1975 and based in Westport, Connecticut. Why buy Ralph Lauren Corp. (RL)?

    By Samantha Nielson
  • uploads///DIESEL PRICES
    Macroeconomic Analysis

    Diesel Prices Increased: EIA Provides Bullish Consumption Outlook

    On April 20, US On-Highway Diesel Fuel Prices were $2.78 per gallon. This represented an increase of ~1% from $2.754 per gallon last Monday, April 13.

    By Keisha Bandz
  • uploads///CRACK SPREAD
    Macroeconomic Analysis

    What a Wider Crack Spread in Mid-May Means for American Refiners

    A crack spread represents the price difference between refiners’ revenues—achieved through the sale of finished refined products—and refiner costs—that is, the price of crude oil.

    By Keisha Bandz
  • uploads///Valuations
    Energy & Utilities

    What Do Refining Stock Valuations Reveal?

    With respect to the price-to-earnings ratio, larger players Marathon Petroleum (MPC), Tesoro (TSO), and Phillips 66 (PSX) trade higher than the average valuations.

    By Maitali Ramkumar
  • uploads///heating oil
    Macroeconomic Analysis

    Residential heating oil prices fall with crude

    Heating oil prices are linked to crude prices. As crude prices began to fall late last year, so did heating oil prices.

    By Keisha Bandz
  • uploads///GR
    Energy & Utilities

    Tesoro Logistics overview: A master limited partnership analysis

    Tesoro Logistics LP is a master limited partnership (or MLP) which was formed by Tesoro Corporation in 2011.

    By Keisha Bandz
  • uploads///Correlation
    Company & Industry Overviews

    Correlation Analysis: Marathon Petroleum’s Stock, Oil Prices, and the Broad Market

    The correlation value between Marathon and oil prices indicates that in the past year, stock prices of MPC have moved in line with crude oil prices.

    By Maitali Ramkumar
  • uploads///Leverage
    Company & Industry Overviews

    Refiners’ Leverages in 1Q17: Who’s Best Placed—MPC, TSO, VLO, or PSX?

    The currently unstable refining environment has resulted in volatile refining earnings for big US refiners like MPC, VLO, TSO, and PSX.

    By Maitali Ramkumar
  • uploads///crack spread
    Macroeconomic Analysis

    US Gulf Coast 3:2:1 Crack Spread Widened Last Week

    The wider the crack spread, the more profitable it is for refiners such as Valero Energy (VLO), Phillips 66 (PSX), Marathon Petroleum (MPC), and Tesoro (TSO).

    By Keisha Bandz
  • uploads///TSO
    Consumer

    Bridgewater Associates buys HPQ, RL, and GE and sells TSO, BEN, and CTSH—13F Flash D

    Bridgewater Associates is an investment management firm founded by Ray Dalio in 1975 and based in Westport, Connecticut. Why sell Tesoro Corp. (TSO)?

    By Samantha Nielson
  • uploads///crack spread
    Macroeconomic Analysis

    US Gulf Coast 3:2:1 Crack Spread Rises in the Week to June 26

    The benchmark US Gulf Coast 3:2:1 crack spread rose 4.4% to $17.385 per barrel in the week to June 26—compared to $16.65 per barrel on June 19.

    By Keisha Bandz
  • uploads///heating oil
    Macroeconomic Analysis

    What Do Changes in Heating Oil Prices Mean?

    As of March 16, residential heating oil prices averaged $3.03 per gallon, $0.18 per gallon lower than last week and $1.09 per gallon lower than a year ago.

    By Keisha Bandz
  • uploads///heating oil prices
    Macroeconomic Analysis

    A key update on heating oil prices

    The latest STEO forecasts that US heating oil prices should average $2.90 per gallon, 25% lower than last year.

    By Keisha Bandz
  • uploads///WTI  month chart
    Company & Industry Overviews

    WTI Crude Oil Holds above $50 per Barrel

    WTI crude oil for May delivery trading in NYMEX gained marginally by 0.73% in yesterday’s trade. WTI oil prices closed at $50.79 per barrel on April 9, 2015.

    By Gordon Kristopher
  • uploads///Part _
    Fund Managers

    Hedge Funds Turn Bearish on Crude Oil

    As per data from the U.S. Commodity Futures Trading Commission, hedge funds and other asset managers have turned extremely bearish on oil prices.

    By Stuart McKenzie
  • uploads///Segment
    Earnings Report

    PSX’s Gross Refining Margin Rises to $9.4 per Barrel in 4Q15

    Phillips 66 saw its gross refining margin (or GRM) rise by $0.1 per barrel over 4Q14 to $9.4 per barrel in 4Q15.

    By Maitali Ramkumar
  • uploads///Crack Spread
    Earnings Report

    Phillips 66 margins dip on refined products crack spread

    The crack spread measures the difference between market prices for refined petroleum products and crude oil. In the US, we follow a 3:2:1 crack spread.

    By Alex Chamberlin
  • uploads///Segments
    Earnings Report

    What to Expect from PBF Energy’s Refining Margin in 1Q16

    PBF Energy (PBF) noted a fall in its gross refining margin by $3.60 per barrel to $8.80 per barrel in 4Q15 as compared to 4Q14.

    By Maitali Ramkumar
  • uploads///Valuation
    Company & Industry Overviews

    Refiners’ Valuations: MPC, TSO, VLO, and PSX

    VLO’s forward PE multiple is 12.9x, and its forward EV-to-EBITDA multiple is 6.1x.

    By Maitali Ramkumar
  • uploads///Estimates
    Earnings Report

    What Can We Expect from Marathon Petroleum’s 4Q15 Results?

    Marathon Petroleum (MPC) is expected to post its 4Q15 results on February 3, 2016.

    By Maitali Ramkumar
  • uploads///Gasoline Inventories
    Energy & Utilities

    Must-know: Why gasoline inventories saw huge draws

    Last week, gasoline inventories declined by 2.3 MMBbls, to 210 million barrels—the lowest level in 2014, according to the EIA. The EIA described this level as being in the middle of the five-year average range.

    By Keisha Bandz
  • uploads///Segment
    Earnings Report

    VLO’s Net Refining Margin Fell to $5.6 per Barrel in 4Q15

    Let’s talk about VLO’s refining margin in 4Q15. The adjusted operating income from the refining segment fell by 3% over 4Q14 to $1,480 million in 4Q15.

    By Maitali Ramkumar
  • uploads///gasoline prod
    Macroeconomic Analysis

    Why Did US Gasoline Inventories Fall despite a Rise in Production?

    Gasoline inventories declined in the week ended October 9. So, net trade flows, or exports, could be the key to last week’s inventory draw.

    By Keisha Bandz
  • uploads///Targets
    Earnings Report

    What Do Analysts Recommend for Tesoro?

    Barclays and Credit Suisse have given price targets of $133 and $125, respectively, for Tesoro.

    By Maitali Ramkumar
  • uploads///gasoline stocks
    Energy & Utilities

    Why gasoline inventories decreased last week

    Last week, gasoline inventories decreased by 1.2 million barrels (or MMbbls) to 203.1 MMbbls. Analysts were expecting inventories to decline by 900,000 barrels.

    By Keisha Bandz
  • uploads///Refining
    Company & Industry Overviews

    What Is Crude Oil Refining and How Does It Work?

    This series will provide you a complete overview of the refining industry as well as a quick snapshot of downstream sector stocks in the US.

    By Maitali Ramkumar
  • Energy & Utilities

    Revenues down, net profits up for Phillips 66 in 3Q14

    The company’s revenues for 3Q14 went down 8% to $40.41 billion from $44.14 billion recorded in the year-ago quarter. For 3Q14, Phillips 66 (PSX) recorded $1.18 billion net income, up 121% from $535 million recorded in 3Q13.

    By Alex Chamberlin
  • Energy & Utilities

    Crack spread signals Phillips 66’s Refining segments performance

    In 3Q14, Phillips 66’s refining segment’s net margin took a sharp turn when it posted $538 million earnings as opposed to a $30 million net loss posted in 3Q13. This was a result of increased market crack spreads coupled with widening crude differentials.

    By Alex Chamberlin
  • uploads///Fund Domicile Breakdown
    Energy & Utilities

    CRAK Provides Broad Exposure to Developed and Emerging Markets

    CRAK provides investors with broader global exposure, diversifying its portfolio with developed markets as well as emerging markets like Japan and India.

    By Manu Milan
  • uploads///Refining Marketing Returns
    Energy & Utilities

    CRAK Offers Exposure to Crude Oil Refining Companies

    Van Eck Global launched the VanEck Vectors Oil Refiners ETF (CRAK) on August 18, 2015. CRAK is a good option for investors who want exposure to the energy sector but don’t expect energy prices to rise anytime soon.

    By Manu Milan
  • uploads///IV
    Earnings Report

    What’s Expected from Marathon Petroleum Stock?

    Marathon Petroleum reported its earnings on July 27, 2017. Marathon Petroleum’s implied volatility fell 3.2% to 22.0%—compared to the previous day.

    By Maitali Ramkumar
  • uploads///Analyst ratings
    Energy & Utilities

    Analysts’ Ratings for Marathon Petroleum after Its Earnings

    For Marathon Petroleum, 18 analysts assigned a “buy” rating, one analyst assigned a “hold” rating, and no analysts assigned a “sell” rating on the stock.

    By Maitali Ramkumar
  • uploads///Stock
    Earnings Report

    Marathon Petroleum Stock after Its 2Q17 Earnings

    Marathon Petroleum (MPC) released its results on July 27, 2017. Its stock opened at $54.3 per share—below the previous day’s close of $55.7.

    By Maitali Ramkumar
  • uploads///Segments
    Earnings Report

    Analyzing Marathon Petroleum’s Segmental Earnings in 2Q17

    Marathon Petroleum’s gross refining and marketing margin fell by $1.4 per barrel to $11.3 per barrel in 2Q17—compared to 2Q16.

    By Maitali Ramkumar
  • uploads///Estimates
    Earnings Report

    Marathon Petroleum’s 2Q17 Earnings Missed Estimates

    Marathon Petroleum posted its 2Q17 results on July 27, 2017. In 2Q17, the company posted revenues of $18.4 billion, which missed analysts’ estimates.

    By Maitali Ramkumar
  • uploads///IV
    Earnings Report

    Mapping Valero’s Stock Direction after the 2Q17 Earnings

    Valero Energy (VLO) reported earnings on July 27, 2017, and the implied volatility in VLO stock fell 2.7% from the previous day’s 21.7%.

    By Maitali Ramkumar
  • uploads///Ref margin trend
    Company & Industry Overviews

    Behind Valero’s Refining Margin Trend in 2017

    Valero Energy (VLO) saw an increase in its GRM (gross refining margin) to $8.1 per barrel in 1Q17, compared with $7.7 per barrel in 1Q16.

    By Maitali Ramkumar
  • uploads///Analyst ratings
    Miscellaneous

    The Analysts on Valero: Why the Fall in ‘Buy’ Ratings?

    Exactly 11 (50%) of the 22 analysts covering Valero Energy (VLO) have rated the stock a “buy,” while another 11 analysts have rated the stock as a “hold.”

    By Maitali Ramkumar
  • uploads///analysts are bullish on tllp
    Miscellaneous

    74% of Analysts Call Tesoro Logistics a ‘Buy’

    On June 2, 2017, Barclays resumed its coverage of Tesoro Logistics (TLLP) with an “overweight” rating. Barclays has given TLLP a target price of $65.

    By Rekha Khandelwal, CFA
  • uploads///Credit Rating
    Company & Industry Overviews

    Tesoro’s Credit Rating Upgraded: S&P Expects WNR Benefits to Pour In

    S&P Global Ratings upgraded Tesoro’s (TSO) corporate credit and senior unsecured issue from BB+ to BBB- with a stable outlook. TSO saw a steep surge in its debt level following its acquisition of Western Refining (WNR).

    By Maitali Ramkumar
  • uploads///Beta
    Company & Industry Overviews

    Phillips 66’s Beta: Does It Imply the Company Is Less Volatile?

    Phillips 66’s 90-day daily beta stands at 1.1, which is below its peer average of 1.5.

    By Maitali Ramkumar
  • uploads///VLOs regional margins
    Company & Industry Overviews

    What Valero Needs to Soar in 2Q17

    Valero’s crack indicators have fallen in all of these areas in May 2017 (as of May 23) as compared to April 2017.

    By Maitali Ramkumar
  • uploads///Cashflow
    Company & Industry Overviews

    How Major Refiners’ Cash Flows Fared in 1Q17

    Refiners’ cash flows have turned volatile over the past few quarters due to volatile refining earnings.

    By Maitali Ramkumar
  • uploads///Analyst Ratings
    Miscellaneous

    How Analysts Rated Tesoro on Its 1Q17 Earnings Day

    Tesoro (TSO) has been rated by 18 analysts. Of those, 12 have assigned the stock a “buy” or “strong buy” rating.

    By Maitali Ramkumar
  • uploads///Estimates
    Earnings Report

    Tesoro Beats 1Q17 Earnings

    Tesoro (TSO) posted its 1Q17 results on May 8, 2017. Revenues missed analysts’ estimate, but adjusted EPS of $0.55 surpassed the estimate of $0.31.

    By Maitali Ramkumar
  • uploads///Analyst Ratings
    Miscellaneous

    Analysts’ Ratings for Phillips 66 after Its 1Q17 Earnings

    After its earnings, Phillips 66 was rated by 19 analysts. Four analysts gave it a “buy,” 15 gave it a “hold,” and no analysts gave it a “sell.”

    By Maitali Ramkumar
  • uploads///Analyst Rating
    Miscellaneous

    Where Do Analysts Ratings for Tesoro Stand Pre-Earnings?

    In this series, we’ve examined Tesoro’s (TSO) 1Q17 estimates, refining margin outlook, and stock performance ahead of its earnings release expected on May 8, 2017.

    By Maitali Ramkumar
  • uploads///Stock
    Earnings Report

    How Did Tesoro’s Stock Perform Pre-1Q17 Earnings?

    Since January 3, 2017, TSO stock has fallen 9.8%. Comparatively, crude oil prices have fallen 5.2%, and natural gas prices have fallen 5.6% year-to-date.

    By Maitali Ramkumar
  • uploads///Segments
    Earnings Report

    Which Way Will MPC’s Refining Earnings Swing in 1Q17?

    MPC’s operating income rose 64% YoY to $553 million in 4Q16. The Refining segment’s operating income rose to $219 million in 4Q16 from $179 million in 4Q15.

    By Maitali Ramkumar
  • uploads///IH
    Company & Industry Overviews

    Institutional Holdings in VLO Are on the Rise

    Institutional holdings in Valero Energy (VLO) stand at ~81% currently.

    By Maitali Ramkumar
  • uploads///Analyst ratings
    Miscellaneous

    Analyst Ratings for Valero: Why the ‘Hold’ Ratings?

    VLO’s mean price target of $72 per share implies around a 10% gain from its current level.

    By Maitali Ramkumar
  • uploads///IV
    Company & Industry Overviews

    Refining Stocks’ Implied Volatilities Tumbled in 1Q17

    Refining stocks’ implied volatilities have witnessed falls in 1Q17. Marathon Petroleum’s (MPC) implied volatility fell 7% to 27.9% from January 2 to March 31, 2017.

    By Maitali Ramkumar
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