Tesoro Corporation (TSO): Are Hedge Funds Right About This Stock?

Consequently, some big names were leading the bulls’ herd. Steadfast Capital Management, managed by Robert Pitts, established the most outsized position in Tesoro Corporation (NYSE:TSO). Steadfast Capital Management had $194.3 million invested in the company at the end of the quarter. Dmitry Balyasny’s Balyasny Asset Management also initiated a $160.9 million position during the quarter. The following funds were also among the new TSO investors: Zach Schreiber’s Point State Capital, Gilchrist Berg’s Water Street Capital, and Ken Griffin’s Citadel Investment Group.

Let’s check out hedge fund activity in other stocks similar to Tesoro Corporation (NYSE:TSO). We will take a look at Expeditors International of Washington (NASDAQ:EXPD), Albemarle Corporation (NYSE:ALB), Fortune Brands Home & Security Inc (NYSE:FBHS), and CBRE Group Inc (NYSE:CBG). This group of stocks’ market valuations are closest to TSO’s market valuation.

As you can see these stocks had an average of 29.5 hedge funds with bullish positions and the average amount invested in these stocks was $922 million. That figure was $1.67 billion in TSO’s case. Albemarle Corporation (NYSE:ALB) is the most popular stock in this table. On the other hand Expeditors International of Washington (NASDAQ:EXPD) is the least popular one with only 21 bullish hedge fund positions. Compared to these stocks Tesoro Corporation (NYSE:TSO) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.