Andeavor, an oil refining and logistics company formerly known as Tesoro, has been on a roll. Over the summer, it consolidated in the low 80’s. Since then, a series of higher highs and higher lows signals that the stock is looking for more upside. Volume has been outstanding over the past couple of months, indicating institutional sponsorship, and money flow has been bullish as well.
I believe this stock is likely to take the path of the yellow line. It’ll go up to 110, pull back (a great buying opportunity) and then move higher. Andeavor may also lead other energy names higher.
Andeavor (NYSE:ANDV) Video Chart Analysis
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About Andeavor
Andeavor, through its subsidiaries, operates as an independent petroleum refining, logistics, and marketing company in the United States. The company operates through three segments: Refining, TLLP, and Marketing. The Refining segment refines crude oil and other feed stocks into transportation fuels, such as gasoline and gasoline blend stocks, jet fuel, and diesel fuel, as well as other products, including heavy fuel oils, liquefied petroleum gas, petroleum coke, calcined coke, and asphalt. This segment also sells refined products in the bulk market principally to independent unbranded distributors, other refining and marketing companies, utilities, railroads, airlines, marine, and industrial end-users in the western United States. It owns and operates 7 petroleum refineries with a combined crude oil capacity of approximately 895 thousand barrels per day. The TLLP segment owns and operates a network of approximately 650 miles of crude oil, natural gas, and produced water gathering pipelines; and natural gas processing and fractionation complexes. The Marketing segment sells gasoline and diesel fuel through retail stations, as well as through third-party dealers and distributors. This segment operates a network of 2,492 retail stations under the ARCO, Shell, Exxon, Mobil, USA Gasoline, Rebel, Thrifty, and Tesoro brands. The company was formerly known as Tesoro Corporation and changed its name to Andeavor in August 2017. Andeavor was founded in 1968 and is headquartered in San Antonio, Texas
