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Tesoro Slices Dividend Payouts in Half (TSO)

By Dividend.com Staff
November 9th, 2009

tesoro-slices-dividend-payouts-in-half-tso

Tesoro Corp (TSO) reported third quarter 2009 net earnings of $33 million, or $0.24 per diluted share compared to net earnings of $259 million, or $1.86 per diluted share for the third quarter of 2008.

The company said its revenue declined to $4.74 billion from $8.68 billion a year ago. Management also also revised its quarterly dividend to 5 cents a share, payable Dec. 15 to shareholders as of Dec. 5. This is half the amount of its previous payout back in September.

The Bottom Line
We have avoided shares of TSO since our early June coverage began last year, when the stock was trading at $24.75. The stock has technical support in the $10-$11 price level. If that fails to hold, we could possibly test then test the $7 range. If the shares can stabilize, we see overhead resistance around the $16 price level. We would remain on the sidelines for now.

Tesoro Corp (TSO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.