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

Sasol Ltd. (NYSE:SSL)’s share price gapped up before the market opened 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.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Bank of America upgraded shares of Sasol from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 9th. JPMorgan Chase & Co. restated a “neutral” rating on shares of Sasol in a research report on Monday, June 15th. Wall Street Zen raised Sasol from a “hold” rating to a “strong-buy” rating in a report 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, Weiss Ratings upgraded Sasol from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, September 2nd. 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. Based on data from MarketBeat, the stock has an average rating of “Hold”.

Sasol Trading Up 6.1%

The business’s 50 day simple moving average is $12.80 and its two-hundred day simple 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 announced its quarterly earnings results on Friday, August 14th. The oil and gas company reported $0.56 earnings per share (EPS) for the quarter. The company had revenue of $4.61 billion for the quarter. As a group, sell-side analysts predict that Sasol Ltd. will post 2.71 earnings per share for the current year.

Insider Transactions at Sasol

In other Sasol news, CFO Walt Bruns sold 1,798 shares of the stock in a transaction dated Monday, September 28th. The stock was 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 in the company, valued at approximately $775,140.66. This trade represents a 3.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Victor Bester sold 2,852 shares of Sasol stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $12.70, for a total value of $36,220.40. Following the sale, the executive vice president directly owned 26,855 shares in the company, valued at $341,058.50. The trade was a 9.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 60,412 shares of company stock worth $800,983. 1.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. boosted its position in 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 during the period. Public Employees Retirement System of Ohio acquired a new position in Sasol in the 2nd quarter valued at approximately $1,084,000. Sanctuary Advisors LLC acquired a new position in Sasol in the 1st quarter valued at approximately $1,231,000. Engineers Gate Manager LP increased its position in Sasol by 146.6% in the 2nd quarter. Engineers Gate Manager LP now owns 83,589 shares of the oil and gas company’s stock valued at $821,000 after acquiring an additional 49,699 shares during the period. Finally, Quantinno Capital Management LP raised its stake in shares of 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 valued at $2,157,000 after acquiring an additional 48,086 shares during the last quarter. Institutional investors and hedge funds own 1.21% of the company’s stock.

About Sasol

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.