Par Pacific (NYSE:PARR) Reaches New 1-Year High – Here’s Why

Par Pacific Holdings, Inc. (NYSE:PARR) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $66.90 and last traded at $66.63, with a volume of 41139 shares. The stock had previously closed at $64.79.

Wall Street Analysts Forecast Growth

PARR has been the topic of several recent research reports. Raymond James Financial raised their price target on Par Pacific from $50.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, March 25th. Mizuho lifted their target price on Par Pacific from $49.00 to $58.00 and gave the company a “neutral” rating in a research note on Tuesday, March 17th. Zacks Research downgraded Par Pacific from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. JPMorgan Chase & Co. lifted their target price on Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a research note on Friday, March 27th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Par Pacific has an average rating of “Moderate Buy” and a consensus price target of $60.71.

Par Pacific Stock Down 6.2%

The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.49 and a current ratio of 1.61. The stock has a 50 day moving average price of $49.92 and a 200 day moving average price of $42.71. The company has a market cap of $3.00 billion, a P/E ratio of 8.31 and a beta of 0.97.

Par Pacific (NYSE:PARR) last posted 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). Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the firm posted ($0.79) EPS. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. Research analysts expect that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current fiscal year.

Insider Activity at Par Pacific

In other news, CEO William Monteleone sold 108,948 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $54.06, for a total value of $5,889,728.88. Following the sale, the chief executive officer owned 457,167 shares of the company’s stock, valued at approximately $24,714,448.02. The trade was a 19.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of Par Pacific

A number of hedge funds and other institutional investors have recently modified their holdings of PARR. Royal Bank of Canada raised its stake 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 worth $334,000 after buying an additional 4,525 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Par Pacific by 118.2% in the 1st quarter. AQR Capital Management LLC now owns 164,358 shares of the company’s stock worth $2,344,000 after acquiring an additional 89,023 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Par Pacific by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,304 shares of the company’s stock worth $461,000 after acquiring an additional 1,427 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Par Pacific by 4.7% in the 1st 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 acquiring an additional 6,618 shares during 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 worth $3,862,000 after acquiring an additional 211,002 shares during the last quarter. 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.