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

Key Points

• Sasol shares fell 6.4%, opening at $11.75 versus the prior close of $12.27, with nearly 100,000 shares traded.
• Analyst sentiment is mostly negative: three analysts rate the stock Sell, three Hold, and one Buy, resulting in an average MarketBeat rating of “Reduce.”
• Several institutional investors increased their Sasol holdings, but hedge funds and other institutions collectively own just 1.21% of the company.

Sasol Ltd. (NYSE:SSL - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $12.27, but opened at $11.75. Sasol shares last traded at $11.75, with a volume of 99,860 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SSL. JPMorgan Chase & Co. restated a "neutral" rating on shares of Sasol in a research note on Monday, June 15th. Zacks Research lowered shares of Sasol from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 8th. Investec initiated coverage on shares of Sasol in a report on Wednesday, June 17th. They set a "sell" rating for the company. UBS Group upgraded shares of Sasol from a "neutral" rating to a "buy" rating in a research report on Thursday, June 4th. Finally, Wall Street Zen lowered Sasol from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Reduce".

Sasol Trading Down 6.4%

The company has a current ratio of 1.66, a quick ratio of 1.09 and a debt-to-equity ratio of 0.53. The business's fifty day moving average is $11.03 and its 200 day moving average is $11.38.

Institutional Investors Weigh In On Sasol

Several institutional investors have recently modified their holdings of SSL. Millennium Management LLC grew its holdings in shares of Sasol by 75.7% in the 1st quarter. Millennium Management LLC now owns 1,450,355 shares of the oil and gas company's stock worth $6,135,000 after acquiring an additional 624,911 shares during the period. Assenagon Asset Management S.A. raised its holdings in Sasol by 123.3% during the second 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 purchasing an additional 762,796 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Sasol by 1,627.3% during the third quarter. JPMorgan Chase & Co. now owns 1,025,934 shares of the oil and gas company's stock worth $6,381,000 after purchasing an additional 966,539 shares during the last quarter. Pictet Asset Management Holding SA purchased a new stake in Sasol during the first quarter worth $11,284,000. Finally, UBS Group AG boosted its position in Sasol by 52.0% during the fourth quarter. UBS Group AG now owns 835,052 shares of the oil and gas company's stock worth $5,436,000 after purchasing an additional 285,807 shares in the last quarter. Hedge funds and other institutional investors own 1.21% of the company's stock.

About Sasol

Sasol Limited is an integrated energy and chemical company headquartered in Johannesburg, South Africa. The company's core operations encompass the conversion of natural gas, coal and heavy hydrocarbons into liquid fuels and a wide array of chemical products. Sasol leverages proprietary Fischer-Tropsch and gas-to-liquids (GTL) technologies to deliver cleaner-burning diesel, jet fuel and naphtha, alongside solvents, surfactants and specialty polymers for industrial and consumer applications.

In addition to its GTL business, Sasol operates downstream facilities for the manufacture of alpha olefins, ethylene, propylene and other base-chemical intermediates.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source