Par Pacific (NYSE:PARR) Trading 6.7% Higher – Here’s What Happened

Par Pacific Holdings, Inc. (NYSE:PARR)’s share price rose 6.7% during mid-day trading on Tuesday . The stock traded as high as $60.27 and last traded at $61.0360. Approximately 173,564 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 1,306,698 shares. The stock had previously closed at $57.20.

Analysts Set New Price Targets

A number of research firms recently commented on PARR. Raymond James Financial reaffirmed an “outperform” rating and issued a $50.00 price objective on shares of Par Pacific in a research note on Wednesday, February 25th. Wall Street Zen upgraded shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 14th. Mizuho boosted their price target on shares of Par Pacific from $49.00 to $58.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. Piper Sandler set a $57.00 price objective on shares of Par Pacific in a research note on Monday, January 12th. Finally, The Goldman Sachs Group increased their price objective on shares of Par Pacific from $44.00 to $53.00 and gave the stock a “neutral” rating in a research report on Thursday, March 12th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $51.00.

Par Pacific Stock Up 9.0%

The firm has a market cap of $3.05 billion, a P/E ratio of 8.55 and a beta of 1.17. The stock’s 50 day simple moving average is $43.53 and its 200 day simple moving average is $40.32. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.49 and a current ratio of 1.61.

Par Pacific (NYSE:PARR) last posted its earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.04). The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The company’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.79) EPS. Research analysts anticipate that Par Pacific Holdings, Inc. will post 0.15 EPS for the current year.

Insiders Place Their Bets

In related news, CEO William Monteleone sold 108,948 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $54.06, for a total transaction of $5,889,728.88. Following the sale, the chief executive officer directly owned 457,167 shares in the company, valued at approximately $24,714,448.02. The trade was a 19.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Par Pacific

Institutional investors and hedge funds have recently bought and sold shares of the business. Federated Hermes Inc. bought a new position in shares of Par Pacific in the 3rd quarter worth about $44,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Par Pacific during the third quarter valued at approximately $48,000. Smartleaf Asset Management LLC boosted its position in shares of Par Pacific by 81.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after purchasing an additional 1,048 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Par Pacific by 16.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company’s stock worth $66,000 after buying an additional 259 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its stake in shares of Par Pacific by 385.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock worth $69,000 after buying an additional 1,558 shares during the last quarter. Hedge funds and other institutional investors own 92.15% of the company’s stock.

About Par Pacific

Par Pacific Holdings, Inc (NYSE: PARR) is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of Oʻahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution.

In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S.