Par Pacific (NYSE:PARR) Given New $48.00 Price Target at TD Cowen

Par Pacific (NYSE:PARR) had its target price lifted by TD Cowen from $39.00 to $48.00 in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s target price indicates a potential upside of 18.02% from the stock’s current price.

Several other equities research analysts have also recently weighed in on PARR. Raymond James Financial reiterated an “outperform” rating and issued a $50.00 target price on shares of Par Pacific in a research note on Wednesday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a report on Monday, December 29th. Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Sunday, February 15th. Mizuho boosted their target price on shares of Par Pacific from $45.00 to $49.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Finally, UBS Group boosted their price objective on shares of Par Pacific from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Par Pacific presently has a consensus rating of “Hold” and a consensus target price of $47.33.

Par Pacific Stock Performance

Shares of PARR opened at $40.67 on Friday. The company has a quick ratio of 0.48, a current ratio of 1.51 and a debt-to-equity ratio of 0.70. Par Pacific has a 12 month low of $11.86 and a 12 month high of $48.40. The company’s fifty day moving average is $38.30 and its 200-day moving average is $37.86. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of 5.58 and a beta of 1.23.

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 the consensus estimate of $1.21 by ($0.04). The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. Par Pacific had a net margin of 4.95% and a return on equity of 32.01%. Par Pacific’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the business earned ($0.79) earnings per share. Equities analysts expect that Par Pacific will post 0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Par Pacific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its position in shares of Par Pacific by 23.9% in the 1st quarter. Royal Bank of Canada now owns 23,453 shares of the company’s stock valued at $334,000 after acquiring an additional 4,525 shares during the period. AQR Capital Management LLC raised its holdings in Par Pacific by 118.2% in the first quarter. AQR Capital Management LLC now owns 164,358 shares of the company’s stock worth $2,344,000 after purchasing an additional 89,023 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Par Pacific by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,304 shares of the company’s stock worth $461,000 after purchasing an additional 1,427 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Par Pacific by 4.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,241 shares of the company’s stock worth $2,085,000 after purchasing an additional 6,618 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Par Pacific by 352.7% in the 1st quarter. Jane Street Group LLC now owns 270,835 shares of the company’s stock valued at $3,862,000 after buying an additional 211,002 shares during the period. Institutional investors 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.