Sasol (NYSE:SSL) Shares Gap Down – What’s Next?

Sasol Ltd. (NYSE:SSL)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $11.11, but opened at $10.46. Sasol shares last traded at $10.5050, with a volume of 390,320 shares traded.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SSL shares. Investec initiated coverage on Sasol in a report on Wednesday, June 17th. They issued a “sell” rating on the stock. Wall Street Zen cut Sasol from a “strong-buy” rating to a “buy” rating in a report on Saturday. UBS Group upgraded Sasol from a “neutral” rating to a “buy” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Sasol in a report on Monday, June 15th. Finally, Zacks Research cut Sasol from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Sasol Trading Down 5.2%

The company has a debt-to-equity ratio of 0.53, a current ratio of 1.66 and a quick ratio of 1.09. The firm’s fifty day simple moving average is $12.84 and its 200-day simple moving average is $10.01.

Insider Buying and Selling at Sasol

In related news, EVP Sarushen Dhanapalan Pillay sold 2,182 shares of Sasol stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $13.14, for a total transaction of $28,671.48. Following the completion of the transaction, the executive vice president directly owned 16,313 shares in the company, valued at $214,352.82. The trade was a 11.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sasol

Large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its holdings in shares of 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 acquiring an additional 966,539 shares during the last quarter. Pictet Asset Management Holding SA acquired a new stake in shares of Sasol during the first quarter valued at $11,284,000. Millennium Management LLC increased its position in Sasol by 75.7% during 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 purchasing an additional 624,911 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Sasol during the 1st quarter worth about $8,015,000. Finally, Voleon Capital Management LP acquired a new position in Sasol in the 3rd quarter valued at about $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.