Par Pacific (NYSE:PARR) Issues Quarterly Earnings Results, Beats Expectations By $3.97 EPS

Par Pacific (NYSE:PARR) posted its quarterly earnings data on Tuesday. The company reported $5.95 EPS for the quarter, beating the consensus estimate of $1.98 by $3.97, Zacks reports. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. The business had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the previous year, the firm posted ($0.10) EPS. The firm’s revenue was down 6.1% compared to the same quarter last year.

Par Pacific Stock Performance

Shares of Par Pacific stock opened at $40.65 on Wednesday. The company has a market cap of $2.07 billion, a PE ratio of -145.16 and a beta of 1.74. The company has a current ratio of 1.42, a quick ratio of 0.56 and a debt-to-equity ratio of 0.97. The company has a 50 day moving average of $36.11 and a 200-day moving average of $29.10. Par Pacific has a 1-year low of $11.86 and a 1-year high of $41.75.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Piper Sandler lifted their price target on shares of Par Pacific from $39.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, September 11th. Mizuho lifted their price target on shares of Par Pacific from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Monday, September 15th. Raymond James Financial reiterated an “outperform” rating and issued a $45.00 price target (up from $38.00) on shares of Par Pacific in a research note on Friday, October 17th. Cowen reiterated a “buy” rating on shares of Par Pacific in a research note on Thursday, August 7th. Finally, Zacks Research upgraded shares of Par Pacific from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Par Pacific has an average rating of “Moderate Buy” and a consensus target price of $37.86.

Insiders Place Their Bets

In related news, CAO Ivan Daniel Guerra sold 5,500 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $35.11, for a total value of $193,105.00. Following the completion of the transaction, the chief accounting officer owned 17,491 shares of the company’s stock, valued at $614,109.01. This represents a 23.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy Clossey sold 2,000 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $33.37, for a total transaction of $66,740.00. Following the completion of the transaction, the director directly owned 84,000 shares of the company’s stock, valued at approximately $2,803,080. The trade was a 2.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 25,954 shares of company stock worth $863,048 over the last 90 days. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Par Pacific

Large investors have recently modified their holdings of the business. Smartleaf Asset Management LLC raised its stake in shares of Par Pacific by 81.1% during the second quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock valued at $62,000 after acquiring an additional 1,048 shares during the last quarter. Osaic Holdings Inc. raised its stake in shares of Par Pacific by 19.7% during the second quarter. Osaic Holdings Inc. now owns 5,838 shares of the company’s stock valued at $154,000 after acquiring an additional 961 shares during the last quarter. Oxford Asset Management LLP bought a new position in shares of Par Pacific during the second quarter valued at $225,000. Captrust Financial Advisors bought a new position in shares of Par Pacific during the second quarter valued at $302,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Par Pacific by 70.5% during the second quarter. Tower Research Capital LLC TRC now owns 12,134 shares of the company’s stock valued at $322,000 after acquiring an additional 5,018 shares during the last quarter. Institutional investors own 92.15% of the company’s stock.

Par Pacific Company Profile

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates through Refining, Retail, and Logistics segments. The Refining segment owns and operates refineries that produce gasoline, distillate, asphalt, and other products primarily for consumption in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana.