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

Key Points

• Sasol shares fell 7%, opening at $16.36 after previously closing at $17.22, with the stock last trading near $16.44.
• Analyst sentiment improved, with Wall Street Zen, Zacks, and Bank of America upgrading the stock; however, the overall consensus remains “Hold”, with two Buy, four Hold, and one Sell rating.
• Sasol reported quarterly earnings of $0.56 per share on $4.61 billion in revenue, while insiders sold 60,412 shares worth approximately $801,000 during the last quarter.

Sasol Ltd. (NYSE:SSL - Get Free Report) gapped down before the market opened on Monday. The stock had previously closed at $17.22, but opened at $16.36. Sasol shares last traded at $16.44, with a volume of 248,040 shares.

Analyst Ratings Changes

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

Sasol Stock Down 7.0%

The stock's fifty day moving average is $14.44 and its 200-day moving average is $11.83. 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 - Get Free Report) last issued its earnings results on Friday, August 14th. The oil and gas company reported $0.56 EPS for the quarter. The firm had revenue of $4.61 billion during the quarter. As a group, equities research analysts predict that Sasol Ltd. will post 2.99 earnings per share for the current year.

Insiders Place Their Bets

In other Sasol news, EVP Victor Bester sold 2,852 shares of the business's stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $12.70, for a total value of $36,220.40. Following the completion of the transaction, the executive vice president directly owned 26,855 shares of the company's stock, valued at approximately $341,058.50. The trade was a 9.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Walt Bruns sold 1,798 shares of the business's stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $14.14, for a total value of $25,423.72. Following the completion of the transaction, the chief financial officer directly owned 54,819 shares of the company's stock, valued at approximately $775,140.66. The trade was a 3.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 60,412 shares of company stock worth $800,983. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sasol

Institutional investors have recently modified their holdings of the business. Ascent Group LLC acquired a new position in shares of Sasol in the 3rd quarter valued at approximately $152,000. Integrity Alliance LLC. acquired a new stake in Sasol during the 3rd quarter worth approximately $144,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Sasol during the 3rd quarter worth approximately $1,085,000. Vise Technologies Inc. bought a new position in Sasol in the third quarter valued at approximately $216,000. Finally, Pinnacle Wealth Planning Services Inc. lifted its stake in Sasol by 16.3% in the third quarter. Pinnacle Wealth Planning Services Inc. now owns 7,385 shares of the oil and gas company's stock valued at $102,000 after buying an additional 1,033 shares in the last quarter. Institutional investors own 1.21% of the company's stock.

Sasol Company Profile

Sasol Limited is an integrated chemicals and energy company headquartered in Johannesburg, South Africa. The company develops and commercializes technologies that convert coal and natural gas into fuels, chemical feedstocks and other products, including through Fischer–Tropsch processes. Its portfolio includes fuel components, solvents, alcohols, surfactants, waxes, polymers and other specialty and performance chemicals used in industrial and consumer applications.

Sasol's operations have historically been centered in South Africa, where the company operates major energy and chemicals facilities, with additional manufacturing, research and marketing activities in international markets.

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