Sasol (NYSE:SSL) Shares Gap Down - Here's What Happened

Key Points

• Sasol shares fell sharply at Monday’s open, dropping from a previous close of $14.83 to $13.57; they later traded at $13.792. The article does not identify a specific cause for the decline.
• Analyst views were mixed, with recent upgrades from several firms, but the overall consensus remained Hold (two Buy, four Hold, and one Sell ratings).
• Company insiders sold 60,412 shares worth about $801,000 over the prior 90 days, including sales by Sasol’s CFO and an executive vice president.

Sasol Ltd. (NYSE:SSL - Get Free Report) shares gapped down prior to trading on Monday. The stock had previously closed at $14.83, but opened at $13.57. Sasol shares last traded at $13.7920, with a volume of 460,485 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SSL. Wall Street Zen upgraded Sasol from a "hold" rating to a "strong-buy" rating in a report on Saturday, September 5th. Bank of America upgraded Sasol from a "neutral" rating to a "buy" rating in a report on Wednesday, September 9th. Zacks Research upgraded Sasol from a "strong sell" rating to a "hold" rating in a report on Monday, August 31st. Finally, Weiss Ratings raised Sasol from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, October 8th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold".

Sasol Stock Performance

The stock's 50-day moving average price is $14.80 and its 200 day moving average price is $12.04. The company has a quick ratio of 1.17, a current ratio of 1.79 and a debt-to-equity ratio of 0.49.

Sasol (NYSE:SSL - Get Free Report) last released its earnings results on Friday, August 14th. The oil and gas company reported $0.56 earnings per share for the quarter. The business had revenue of $4.61 billion during the quarter. Analysts anticipate that Sasol Ltd. will post 2.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Walt Bruns sold 7,890 shares of the company's stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $12.70, for a total transaction of $100,203.00. Following the sale, the chief financial officer owned 54,628 shares in the company, valued at approximately $693,775.60. This represents a 12.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Victor Bester sold 2,852 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $12.70, for a total value of $36,220.40. Following the transaction, the executive vice president directly 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 disclosure for this sale is available in the SEC filing. Insiders have sold 60,412 shares of company stock worth $800,983 over the last 90 days. 1.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SSL. Assenagon Asset Management S.A. raised its holdings in shares of Sasol by 123.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,381,209 shares of the oil and gas company's stock valued at $13,563,000 after purchasing an additional 762,796 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Sasol by 3.1% in 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 purchasing an additional 23,994 shares during the last quarter. Pictet Asset Management Holding SA acquired a new stake in Sasol in the 3rd quarter valued at about $9,179,000. Quantinno Capital Management LP grew its holdings in Sasol by 40.6% during the first quarter. Quantinno Capital Management LP now owns 166,465 shares of the oil and gas company's stock worth $2,157,000 after purchasing an additional 48,086 shares during the period. Finally, Ritholtz Wealth Management grew its holdings in Sasol by 72.0% during the third quarter. Ritholtz Wealth Management now owns 165,029 shares of the oil and gas company's stock worth $2,281,000 after purchasing an additional 69,090 shares during the period. Institutional investors and hedge funds own 1.21% of the company's stock.

About Sasol

Sasol is an integrated energy and chemicals company headquartered in South Africa. Founded in 1950, it developed expertise in converting coal and natural gas into liquid fuels and chemical products, including through Fischer-Tropsch technology.

The company produces and markets fuels, such as gasoline, diesel and aviation fuel, as well as a broad range of chemicals used in industries including manufacturing, agriculture and consumer goods. Its activities span energy and chemicals value chains, from feedstock processing to product marketing.

Sasol operates primarily in South Africa and also has operations in countries including the United States and Mozambique, with products sold to customers in markets around the world.

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