Frontier Oil (U/A), Sunoco (IL/A), Tesoro (IL/A) - Updating estimates Goldman Sachs August 04, 2005
We are updating our full-year 2005 EPS estimates for Frontier Oil, Sunoco, and Tesoro to reflect actual 2Q 2005 results. Our full-year 2005 EPS estimates for Frontier, Sunoco, and Tesoro now stand at $2.47 ($2.32 before), $5.17 ($5.14 before), and $5.42 ($5.32 before), respectively. We have made no change to our 3Q and 4Q 2005, as well as our full-year 2006- 2010 EPS estimates. Frontier reported adjusted 2Q 2005 EPS of $1.18, ahead of the $1.10 First Call consensus estimate and our $1.03 forecast. Sunoco reported adjusted 2Q 2005 EPS of $1.75, ahead of the $1.56 First Call consensus estimate and our $1.70 forecast. Tesoro reported adjusted 2Q 2005 EPS of $2.65, ahead of the $2.48 First Call consensus estimate and our $2.53 forecast. We maintain an Underperform rating on Frontier, In-Line rating on Sunoco, and In-Line rating on Tesoro, all relative to an Attractive coverage view. For more details on our outlook for refining, please see our August 4, 2005 report, 'US R&M: Like rig stocks, EPS revisions matter most now.'
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I, Arjun Murti, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. |
