Oppenheimer analyst Fadel Gheit maintained a Perform rating on Tesoro Corporation (NYSE:TSO), following the company’s third-quarter earnings results, posting $397M, or $3.06/share, 43% above consensus estimate of $2.14/share. No price target was provided.
Gheit noted, “TSO recently announced the acquisition of QEP Field Services as part of its plan to continue to increase shareholder value by expanding its logistics business. We think the recent acquisition has significantly transformed the company into the industry leader on the West Coast and should boost its operating and financial results. However, we maintain our Perform rating based on our near-term view of refining industry margins.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Fadel Gheit has a total average return of 10.1% and a 66.1% success rate. Gheit has a -29.5% average return when recommending TSO, and is ranked #408 out of 3355 analysts.