Par Pacific (NYSE:PARR) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Par Pacific (NYSE:PARR) from a hold rating to a strong-buy rating in a report issued on Tuesday,Zacks.com reports.

Several other equities research analysts have also commented on the stock. Wall Street Zen raised shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 17th. Mizuho upgraded shares of Par Pacific from a “neutral” rating to an “outperform” rating and increased their price target for the company from $58.00 to $79.00 in a report on Wednesday, May 27th. Guggenheim raised Par Pacific to an “outperform” rating in a research report on Wednesday, May 27th. UBS Group boosted their target price on shares of Par Pacific from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Par Pacific in a research note on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $70.71.

Par Pacific Price Performance

PARR opened at $68.45 on Tuesday. The company has a current ratio of 1.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.63. The company has a market cap of $3.43 billion, a price-to-earnings ratio of 7.64 and a beta of 0.82. The stock has a fifty day simple moving average of $58.11 and a two-hundred day simple moving average of $51.18. Par Pacific has a 12-month low of $26.83 and a 12-month high of $70.39.

Par Pacific (NYSE:PARR) last announced its earnings results on Tuesday, May 5th. The company reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.22). The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.78 billion. Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The business’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.94) EPS. Research analysts predict that Par Pacific will post 16.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Par Pacific

A number of hedge funds have recently modified their holdings of PARR. NewEdge Advisors LLC bought a new position in Par Pacific in the 1st quarter worth $26,000. EverSource Wealth Advisors LLC increased its position in Par Pacific by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock worth $45,000 after buying an additional 173 shares in the last quarter. Smartleaf Asset Management LLC increased its position in Par Pacific by 81.1% in the second quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after buying an additional 1,048 shares in the last quarter. Aster Capital Management DIFC Ltd raised its stake in shares of Par Pacific by 34.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock worth $65,000 after buying an additional 478 shares during the period. Finally, Rockefeller Capital Management L.P. raised its stake in shares of Par Pacific by 385.6% in the fourth 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 period. 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.