Par Pacific (NYSE:PARR) Price Target Cut to $80.00 by Analysts at Mizuho

Par Pacific (NYSE:PARR) had its price target decreased by stock analysts at Mizuho from $91.00 to $80.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Mizuho‘s target price indicates a potential upside of 11.50% from the stock’s current price.

PARR has been the subject of several other research reports. Raymond James Financial reaffirmed an “outperform” rating and set a $117.00 price objective on shares of Par Pacific in a research note on Monday, October 19th. The Goldman Sachs Group lowered shares of Par Pacific from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $90.00 to $94.00 in a report on Thursday, October 15th. Zacks Research upgraded Par Pacific from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 4th. TD Cowen reduced their price target on shares of Par Pacific from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Finally, UBS Group reiterated a “neutral” rating on shares of Par Pacific in a report on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Par Pacific currently has a consensus rating of “Moderate Buy” and an average target price of $88.86.

Par Pacific Price Performance

PARR traded down $0.28 on Friday, hitting $71.75. 118,271 shares of the company’s stock were exchanged, compared to its average volume of 1,123,508. Par Pacific has a fifty-two week low of $34.37 and a fifty-two week high of $90.74. The company has a current ratio of 1.65, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. The firm has a 50-day moving average price of $79.92 and a 200-day moving average price of $65.41. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of 3.76 and a beta of 0.82.

Par Pacific (NYSE:PARR) last released its earnings results on Tuesday, November 3rd. The company reported $10.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.65 by $4.05. The business had revenue of $3.05 billion during the quarter, compared to analyst estimates of $2.19 billion. Par Pacific had a net margin of 9.81% and a return on equity of 61.51%. The company’s revenue for the quarter was up 51.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.95 earnings per share. As a group, equities analysts anticipate that Par Pacific will post 28.36 earnings per share for the current year.

Insider Activity

In other news, Director Timothy Clossey sold 10,970 shares of the firm’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $84.00, for a total transaction of $921,480.00. Following the sale, the director owned 51,526 shares of the company’s stock, valued at approximately $4,328,184. This trade represents a 17.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Monteleone sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $81.30, for a total value of $3,252,000.00. Following the sale, the chief executive officer owned 457,167 shares of the company’s stock, valued at approximately $37,167,677.10. The trade was a 8.05% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Par Pacific

Hedge funds have recently added to or reduced their stakes in the stock. First Trust Advisors LP increased its holdings in shares of Par Pacific by 104.0% in the 3rd quarter. First Trust Advisors LP now owns 193,663 shares of the company’s stock valued at $15,807,000 after acquiring an additional 98,710 shares during the period. Horizon Kinetics Asset Management LLC purchased a new position in Par Pacific during the 3rd quarter worth $218,000. Ieq Capital LLC purchased a new position in Par Pacific during the 3rd quarter worth $1,389,000. Independent Advisor Alliance grew its position in Par Pacific by 18.8% during the 3rd quarter. Independent Advisor Alliance now owns 18,360 shares of the company’s stock worth $1,498,000 after purchasing an additional 2,908 shares during the last quarter. Finally, Global Retirement Partners LLC increased its stake in Par Pacific by 3,610.2% in the third quarter. Global Retirement Partners LLC now owns 2,189 shares of the company’s stock valued at $179,000 after purchasing an additional 2,130 shares during the period. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

Par Pacific Company Profile

Par Pacific Holdings, Inc. is an energy company focused on refining, logistics and retail operations. Its refining business produces transportation fuels and other petroleum products from crude oil and other feedstocks. The company operates refineries in Hawaii, Washington and Wyoming. Its logistics operations support the movement and storage of crude oil and refined products, while its retail business sells fuel to customers, primarily in Hawaii. Par Pacific was formed in 2012 and is headquartered in Houston, Texas.