Shares of Tesoro Corp., the oil refiner whose operations include Hawai'i's largest refinery, fell 4.9 percent after its earnings estimate was cut by two financial analysts, Bloomberg News reported.

Analysts at Tristone Capital Co. and Deutsche Bank Securities lowered their forecasts on projected profits at San Antonio-based Tesoro, which hasn't been able to increase fuel prices as fast as crude-oil costs have risen. Shares fell 98 cents to $19.06 at the close of regular trading on the New York Stock Exchange, a three-year low, Bloomberg reported.

"U.S. independent refiners will likely post another round of weak earnings," Bloomberg quoted Tristone analyst Chi Chow writing in a report.

Deutsche Bank analyst Paul Sankey, citing "sustained strength in crude oil prices and weakening demand pressuring margins," lowered his full-year profit estimate for Tesoro to 10 cents a share from 54 cents, Bloomberg reported.