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

Sasol Ltd. (NYSE:SSL) shares gapped up prior to trading on Thursday . The stock had previously closed at $11.32, but opened at $12.04. Sasol shares last traded at $12.3270, with a volume of 223,169 shares traded.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. UBS Group raised Sasol from a “neutral” rating to a “buy” rating in a research note on Thursday, June 4th. Wall Street Zen lowered Sasol from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 20th. Weiss Ratings raised Sasol from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, July 10th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Sasol in a report on Monday, June 15th. Finally, Investec began coverage on shares of Sasol in a research note on Wednesday, June 17th. They issued a “sell” rating on the stock. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce”.

Sasol Trading Down 1.9%

The firm has a fifty day moving average price of $11.67 and a 200 day moving average price of $10.67. 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

In related news, EVP Sarushen Dhanapalan Pillay sold 2,182 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $13.14, for a total transaction of $28,671.48. Following the transaction, the executive vice president owned 16,313 shares in the company, valued at $214,352.82. This represents a 11.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sasol

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its position in shares of 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 in the last quarter. Pictet Asset Management Holding SA bought a new stake in shares of Sasol during the first quarter valued at approximately $11,284,000. Assenagon Asset Management S.A. increased its holdings in shares of 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 valued at $13,563,000 after purchasing an additional 762,796 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Sasol by 75.7% in 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 purchasing an additional 624,911 shares in the last quarter. Finally, Voleon Capital Management LP bought a new position in Sasol in the 3rd quarter worth approximately $3,079,000. Institutional investors and hedge funds own 1.21% of the company’s stock.

Sasol Company Profile

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.