We are maintaining a long-term Outperform rating on Tesoro Corporation ( TSO ), reflecting the company’s consistent growth momentum, positive trends in the refining industry coupled with improvement in the overseas economic activities. Tesoro reported robust second-quarter 2011 results, driven by higher throughput, improved margin environment and solid operational performance. Earnings per share (excluding special items) came in at $1.65, comfortably surpassing the Zacks Consensus estimate of $1.34 per share and way above the year-ago adjusted profit of 30 cents per share […]