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| Tesoro, Rest of Big Oil, Get Stock Market Boost |
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| Written by Miranda Marquit | |
| Friday, 26 October 2007 | |
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After languishing in energy stock hell on the market for this past week (in which time Exxon - XOM - actually briefly dipped below $90 a share), Big Oil seems to be getting a break. While it seemed that the rising oil prices might actually result in lower profits (and hence lower stock prices) for Big Oil companies, gasoline prices are finally catching up, ensuring that Big Oil will remain profitable (as if there were ever any real doubts).  Photo: Euen Pics, Creative Commons, Flickr Another big boost to Big Oil stocks is the infusion of cash into Tesoro (TSO). Tracinda Corp., a company owned by billionaire Kirk Kerkorian, made an offer to purchase 28.75 million shares of Tesoro. Does he know something many of us don't? MarketWatch reports: Tracinda has chosen to invest in Tesoro because Tracinda believes that the company is well positioned within the industry and has a management team that is effectively executing its strategic plan. Tracinda looks forward to participating in the growth of the company alongside the other shareholders.Tesoro is making moves to keep costs low buy buying cheaper crude and and possibly cutting back production. If other Big Oil companies follow suit, the energy stock sector is likely to continue gaining. And with Tesoro fairly inexpensive (less than $63 a share right now) it might be a bargain - especially if you agree with Kekorian's assessment of the situation. Disclosure: I do not own any oil company stock. Site disclaimer. Big Oil 
Miranda Marquit 
XOM 
Comments
(3)
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written by David Neubert , November 01, 2007
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written by oh man oh man , March 04, 2008
so you were saying that TSO was inexpensive at $63 a share??? It's $35 a share today. that was some sound advice you gave your readers.
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written by Miranda , March 04, 2008
It was inexpensive -- in October when this was written -- and in comparison to Big Oil giants at the time. Now everyone has dropped, and Tesoro is still among the least expensive oil company stocks.
But advice? I didn't give advice. The disclaimer that I link to clearly states that I don't give advice. I reported the news on Tesoro at the time. The news was that Tesoro MIGHT be considered a bargain -- if you agreed with assessments made by others. The idea is to provide information, and news. And anyone who invests should know that what is true in October probably won't be true in March. Especially in economic times like these. Tag it:           | |
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Disclosure: I do not own Valero. I do not own Exxon. I own a ton of other oil companies though: CVX, STO, COP, OXY, BP.