Shares of Tesoro Corp., the refiner whose operations include the biggest refinery in Hawai'i, were downgraded to "hold" from "buy" by analyst Roger Read at Natixis Bleichroeder, Bloomberg News reported.

The price of the stock has fallen recently as financial analysts at Tristone Capital Co., Deutsche Bank Securities and Goldman Sachs cut earnings estimates for the San Antonio-based company. Besides operating a refinery here, Tesoro also sells gasoline through service stations.

Tesoro shares closed down 40 cents at $19.37 today on the New York Stock Exchange.