Par Pacific (NYSE:PARR) Cut to “Hold” at Zacks Research

Par Pacific (NYSE:PARR) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other analysts have also recently weighed in on the stock. Raymond James Financial increased their target price on shares of Par Pacific from $80.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. JPMorgan Chase & Co. lifted their price target on shares of Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a report on Wednesday, April 8th. Benchmark reaffirmed a “buy” rating on shares of Par Pacific in a research report on Wednesday, July 8th. Guggenheim upgraded shares of Par Pacific to an “outperform” rating in a research note on Wednesday, May 27th. Finally, Weiss Ratings raised shares of Par Pacific from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $80.86.

Par Pacific Price Performance

Shares of PARR opened at $66.32 on Thursday. Par Pacific has a 52 week low of $26.92 and a 52 week high of $87.03. The company has a current ratio of 1.84, a quick ratio of 0.60 and a debt-to-equity ratio of 0.38. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 3.87 and a beta of 0.78. The stock has a 50 day moving average of $64.79 and a 200-day moving average of $57.20.

Par Pacific (NYSE:PARR) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.22 by $1.88. Par Pacific had a return on equity of 56.19% and a net margin of 9.94%.The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same period in the prior year, the company posted $1.54 EPS. The business’s revenue was up 56.8% compared to the same quarter last year. As a group, analysts forecast that Par Pacific will post 18.6 EPS for the current year.

Hedge Funds Weigh In On Par Pacific

Several hedge funds and other institutional investors have recently modified their holdings of PARR. NewEdge Advisors LLC acquired a new stake in shares of Par Pacific in the 1st quarter worth about $26,000. EverSource Wealth Advisors LLC lifted its position in Par Pacific by 32.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock valued at $45,000 after purchasing an additional 173 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its stake in Par Pacific by 34.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock valued at $65,000 after purchasing an additional 478 shares during the period. Rockefeller Capital Management L.P. boosted its stake in Par Pacific by 385.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after purchasing an additional 1,558 shares during the period. Finally, Federated Hermes Inc. grew its position in Par Pacific by 70.4% in the 4th quarter. Federated Hermes Inc. now owns 2,096 shares of the company’s stock worth $74,000 after purchasing an additional 866 shares during the last quarter. Institutional investors and hedge funds own 92.15% of the company’s stock.

Par Pacific Company Profile

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.