Sasol (NYSE:SSL) Shares Gap Up - What's Next?

Key Points

• Sasol shares gapped up at the open, rising from a prior close of $10.90 to $11.31 and last trading around $11.41, as the stock climbed about 3.6%.
• Analyst sentiment remains cautious overall: UBS upgraded Sasol to buy, but other firms issued or maintained mixed-to-negative views, leaving the stock with an average MarketBeat rating of "Reduce".
• Institutional investors have been increasing positions, with several hedge funds and asset managers significantly boosting holdings in recent periods, even as insider selling was reported earlier in May.

Shares of Sasol Ltd. (NYSE:SSL - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $10.90, but opened at $11.31. Sasol shares last traded at $11.4050, with a volume of 209,139 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. UBS Group upgraded shares of Sasol from a "neutral" rating to a "buy" rating in a report on Thursday, June 4th. Investec initiated coverage on shares of Sasol in a report on Wednesday, June 17th. They set a "sell" rating on the stock. Zacks Research lowered shares of Sasol from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 8th. Wall Street Zen downgraded shares of Sasol from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 20th. Finally, Weiss Ratings upgraded Sasol from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce".

Sasol Stock Up 3.6%

The firm has a 50-day moving average price of $11.87 and a two-hundred day moving average price of $10.48. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.09 and a current ratio of 1.66.

Insider Activity at Sasol

In related news, EVP Sarushen Dhanapalan Pillay sold 2,182 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $13.14, for a total value of $28,671.48. Following the transaction, the executive vice president owned 16,313 shares of the company's stock, valued at $214,352.82. This trade represents a 11.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Sasol

A number of hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its stake in shares of Sasol by 75.7% during the first quarter. Millennium Management LLC now owns 1,450,355 shares of the oil and gas company's stock valued at $6,135,000 after acquiring an additional 624,911 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Sasol by 123.3% in 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 in the last quarter. JPMorgan Chase & Co. grew its stake in Sasol by 1,627.3% in 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 in the last quarter. Pictet Asset Management Holding SA purchased a new position in Sasol during the 1st quarter worth $11,284,000. Finally, UBS Group AG increased its holdings in Sasol by 52.0% during the 4th 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 during the period. 1.21% of the stock is currently owned by institutional investors.

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.

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