Par Pacific Holdings, Inc. (PARR) Rating Increased to Buy at Seaport Global Securities
Par Pacific Holdings, Inc. (NASDAQ:PARR) was upgraded by investment analysts at Seaport Global Securities from a “neutral” rating to a “buy” rating in a report released on Monday. The brokerage currently has a $22.00 target price on the stock, up from their previous target price of $19.00. Seaport Global Securities’ price objective would suggest a potential upside of 18.73% from the stock’s previous close.
Several other brokerages have also recently issued reports on PARR. Cowen and Company reissued a “buy” rating and set a $20.00 price objective on shares of Par Pacific Holdings in a research note on Thursday, August 17th. Zacks Investment Research lowered shares of Par Pacific Holdings from a “hold” rating to a “sell” rating in a report on Thursday, July 6th.
Shares of Par Pacific Holdings (PARR) opened at 18.53 on Monday. The stock has a 50 day moving average price of $17.44 and a 200-day moving average price of $16.89. The stock has a market capitalization of $848.71 million and a price-to-earnings ratio of 41.36. Par Pacific Holdings has a 52-week low of $12.47 and a 52-week high of $19.41.
Par Pacific Holdings (NASDAQ:PARR) last released its earnings results on Monday, August 7th. The company reported $0.24 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.02. The firm had revenue of $564.25 million during the quarter, compared to analysts’ expectations of $600.80 million. On average, equities research analysts predict that Par Pacific Holdings will post $1.58 EPS for the current fiscal year.
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In other news, major shareholder Whitebox Advisors Llc sold 44,800 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $17.78, for a total value of $796,544.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 477,845 shares of company stock valued at $8,414,789.
Large investors have recently modified their holdings of the stock. Rubric Capital Management LP lifted its position in shares of Par Pacific Holdings by 1.6% in the 2nd quarter. Rubric Capital Management LP now owns 640,000 shares of the company’s stock valued at $11,546,000 after acquiring an additional 10,000 shares in the last quarter. Evermore Global Advisors LLC increased its stake in Par Pacific Holdings by 15.2% in the 2nd quarter. Evermore Global Advisors LLC now owns 766,806 shares of the company’s stock valued at $13,833,000 after buying an additional 101,425 shares during the period. Rhumbline Advisers increased its stake in Par Pacific Holdings by 10.1% in the 2nd quarter. Rhumbline Advisers now owns 36,615 shares of the company’s stock valued at $661,000 after buying an additional 3,360 shares during the period. Schwab Charles Investment Management Inc. increased its stake in Par Pacific Holdings by 1.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 148,197 shares of the company’s stock valued at $2,674,000 after buying an additional 2,045 shares during the period. Finally, Russell Investments Group Ltd. acquired a new position in Par Pacific Holdings in the 2nd quarter valued at approximately $775,000.
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