Par Pacific (NYSE:PARR) Hits New 52-Week High Following Analyst Upgrade

Par Pacific Holdings, Inc. (NYSE:PARR) reached a new 52-week high during mid-day trading on Wednesday after Raymond James Financial raised their price target on the stock from $50.00 to $77.00. Raymond James Financial currently has an outperform rating on the stock. Par Pacific traded as high as $62.64 and last traded at $61.6980, with a volume of 1564166 shares. The stock had previously closed at $57.20.

Other analysts have also issued research reports about the stock. Mizuho raised their price target on shares of Par Pacific from $49.00 to $58.00 and gave the company a “neutral” rating in a research report on Tuesday, March 17th. TD Cowen increased their target price on shares of Par Pacific from $39.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Wall Street Zen upgraded Par Pacific from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 14th. Zacks Research lowered Par Pacific from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. Finally, The Goldman Sachs Group increased their price target on Par Pacific from $44.00 to $53.00 and gave the stock a “neutral” rating in a research report on Thursday, March 12th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Par Pacific presently has a consensus rating of “Hold” and a consensus price target of $55.50.

Insider Buying and Selling

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $54.06, for a total transaction of $5,889,728.88. Following the completion of the transaction, the chief executive officer owned 457,167 shares of the company’s stock, valued at $24,714,448.02. This represents a 19.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PARR. Federated Hermes Inc. acquired a new stake in Par Pacific during the 3rd quarter worth $44,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Par Pacific in the third quarter valued at about $48,000. Smartleaf Asset Management LLC raised its position in shares of Par Pacific by 81.1% in the second quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock valued at $62,000 after buying an additional 1,048 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Par Pacific by 16.2% in the third quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company’s stock worth $66,000 after buying an additional 259 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted 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 in the last quarter. 92.15% of the stock is owned by institutional investors and hedge funds.

Par Pacific Stock Up 2.8%

The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 8.67 and a beta of 1.17. The company has a quick ratio of 0.49, a current ratio of 1.61 and a debt-to-equity ratio of 0.54. The business’s 50-day moving average is $44.96 and its two-hundred day moving average is $40.82.

Par Pacific (NYSE:PARR) last released its quarterly earnings data on Tuesday, February 24th. The company reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.04). The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.79) EPS. Equities analysts anticipate that Par Pacific Holdings, Inc. will post 0.15 EPS for the current year.

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.