Sasol (NYSE:SSL) Shares Gap Up – Here’s Why

Sasol Ltd. (NYSE:SSL)’s share price gapped up prior to trading on Thursday. The stock had previously closed at $14.20, but opened at $14.89. Sasol shares last traded at $14.8050, with a volume of 174,291 shares.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Weiss Ratings raised Sasol from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, September 2nd. Investec began coverage on Sasol in a research report on Wednesday, June 17th. They issued a “sell” rating on the stock. Wall Street Zen raised Sasol from a “hold” rating to a “strong-buy” rating in a research note on Saturday, September 5th. Zacks Research upgraded Sasol from a “strong sell” rating to a “hold” rating in a research report on Monday, August 31st. Finally, Bank of America raised Sasol from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 9th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold”.

Sasol Stock Up 6.1%

The business’s 50 day moving average is $12.80 and its two-hundred day moving average is $12.40. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.17 and a current ratio of 1.79.

Sasol (NYSE:SSL) last released its earnings results on Friday, August 14th. The oil and gas company reported $0.56 earnings per share (EPS) for the quarter. The firm had revenue of $4.61 billion during the quarter. On average, research analysts predict that Sasol Ltd. will post 2.71 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Victor Bester sold 2,852 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $12.70, for a total transaction of $36,220.40. Following the completion of the sale, the executive vice president owned 26,855 shares of the company’s stock, valued at $341,058.50. This trade represents a 9.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Walt Bruns sold 7,890 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $12.70, for a total value of $100,203.00. Following the sale, the chief financial officer directly owned 54,628 shares of the company’s stock, valued at $693,775.60. This represents a 12.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 60,412 shares of company stock valued at $800,983 over the last 90 days. 1.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sasol

Several institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. boosted its holdings in shares of Sasol by 123.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,381,209 shares of the oil and gas company’s stock worth $13,563,000 after buying an additional 762,796 shares in the last quarter. Pictet Asset Management Holding SA bought a new stake in shares of Sasol in the 1st quarter valued at $11,284,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Sasol by 3.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 796,208 shares of the oil and gas company’s stock valued at $10,319,000 after acquiring an additional 23,994 shares during the period. Quantinno Capital Management LP lifted its position in shares of Sasol by 40.6% during the 1st quarter. Quantinno Capital Management LP now owns 166,465 shares of the oil and gas company’s stock valued at $2,157,000 after acquiring an additional 48,086 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its stake in Sasol by 14.3% during the first quarter. Public Employees Retirement System of Ohio now owns 159,063 shares of the oil and gas company’s stock worth $2,061,000 after acquiring an additional 19,940 shares in the last quarter. 1.21% of the stock is owned by institutional investors and hedge funds.

Sasol Company Profile

Sasol Limited is an integrated chemicals and energy company headquartered in Johannesburg, South Africa. Founded in 1950, the company developed expertise in converting coal and other feedstocks into fuels and chemical products and remains known for its proprietary Fischer-Tropsch and related process technologies.

Sasol produces and markets fuels, solvents, alcohols, waxes, polymers, ammonia, and other chemical products used in industries such as manufacturing, mining, agriculture, automotive, and consumer goods.