Par Pacific (NYSE:PARR) Announces Quarterly Earnings Results

Par Pacific (NYSE:PARR) posted its earnings results on Tuesday. The company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.04), Zacks reports. Par Pacific had a net margin of 3.15% and a return on equity of 23.69%. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter last year, the business posted ($0.79) earnings per share. The business’s revenue was down 1.0% compared to the same quarter last year.

Par Pacific Price Performance

Shares of NYSE:PARR traded down $3.40 during trading hours on Wednesday, hitting $37.63. 173,599 shares of the company’s stock traded hands, compared to its average volume of 1,050,382. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.48 and a current ratio of 1.51. The company has a market cap of $1.89 billion, a price-to-earnings ratio of 8.10 and a beta of 1.23. Par Pacific has a 52 week low of $11.86 and a 52 week high of $48.40. The company’s fifty day simple moving average is $38.24 and its two-hundred day simple moving average is $37.84.

Institutional Trading of Par Pacific

A number of hedge funds have recently modified their holdings of the business. Smartleaf Asset Management LLC raised its position in 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 in the last quarter. Aster Capital Management DIFC Ltd increased its stake in Par Pacific by 34.9% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock valued at $65,000 after acquiring an additional 478 shares during the period. Federated Hermes Inc. raised its stake in shares of Par Pacific by 70.4% in the 4th quarter. Federated Hermes Inc. now owns 2,096 shares of the company’s stock valued at $74,000 after buying an additional 866 shares in the last quarter. Royal Bank of Canada grew its position in Par Pacific by 86.3% in the fourth quarter. Royal Bank of Canada now owns 3,697 shares of the company’s stock valued at $130,000 after acquiring an additional 1,713 shares during the period. Finally, Quadrant Capital Group LLC bought a new position in shares of Par Pacific in the third quarter valued at approximately $136,000. Hedge funds and other institutional investors own 92.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Tudor Pickering upgraded shares of Par Pacific from a “hold” rating to a “buy” rating in a report on Thursday, November 6th. Mizuho increased their target price on Par Pacific from $45.00 to $49.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. UBS Group upped their price objective on shares of Par Pacific from $37.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Zacks Research cut shares of Par Pacific from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 16th. Finally, Piper Sandler set a $57.00 price target on Par Pacific in a report on Monday, January 12th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $44.00.

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.