Tesoro Corporation’s third-quarter earnings report once again caught the attention of hedge funds, some of which significantly increased their positions in Tesoro, according to reports in Investopedia News and Cerbat Gem. According to tsocorp.com, Tesoro operates seven oil refineries in the Western U.S., their locations ranging from Alaska to Los Angeles, with others in Utah and North Dakota. Tesoro is committed to evaluating and investing in refinery “technologies and systems to support safe, reliable and clean operations.”
Tesoro’s investment in technologies for “safe, reliable and clean operations” positions the welfare of communities and individuals as an “integral” part of Tesoro’s culture and prioritization. When Chief Executive Officer Greg Goff restructured Tesoro’s business model to enable “more stable earnings” after 2010, Tesoro became a magnet for hedge funds, as earlier reported by Bloomberg, and the appeal still holds sway.
Although Tesoro (NYSE:TSO) was down on revenue for the third quarter, Capital Fund Management S.A. of Paris bought $50,802,981 shares in Tesoro Corp, while Viking Fund Management LLC increased its position in Tesoro with an additional 45,000 shares. Acrospire Investment Management LLC and Signaturefd LLC hedge funds had already raised their positions in Tesoro in the first and second quarters, respectively, as reported by Investopedia and Cerbat Gem.
