Par Pacific (NYSE:PARR) Shares Gap Up Following Analyst Upgrade

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price gapped up before the market opened on Wednesday after Mizuho raised their price target on the stock from $79.00 to $80.00. The stock had previously closed at $61.46, but opened at $63.92. Mizuho currently has an outperform rating on the stock. Par Pacific shares last traded at $66.7980, with a volume of 109,238 shares traded.

Several other research firms also recently commented on PARR. JPMorgan Chase & Co. increased their price objective on shares of Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a report on Wednesday, April 8th. Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 17th. Guggenheim raised Par Pacific to an “outperform” rating in a research note on Wednesday, May 27th. Raymond James Financial raised their price target on Par Pacific from $50.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, March 25th. Finally, Piper Sandler upped their price objective on Par Pacific from $63.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Par Pacific has an average rating of “Moderate Buy” and a consensus target price of $70.86.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PARR. NewEdge Advisors LLC bought a new stake in shares of Par Pacific during the first quarter valued at approximately $26,000. EverSource Wealth Advisors LLC raised its holdings in shares of Par Pacific by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock valued at $45,000 after acquiring an additional 173 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in Par Pacific by 81.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after acquiring an additional 1,048 shares in the last quarter. Aster Capital Management DIFC Ltd raised its holdings in shares of Par Pacific by 34.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock valued at $65,000 after purchasing an additional 478 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in shares of Par Pacific by 385.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after purchasing an additional 1,558 shares in the last quarter. Hedge funds and other institutional investors own 92.15% of the company’s stock.

Par Pacific Stock Performance

The business has a fifty day simple moving average of $58.17 and a two-hundred day simple moving average of $51.37. The company has a market cap of $3.29 billion, a PE ratio of 7.33 and a beta of 0.82. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.62 and a quick ratio of 0.60.

Par Pacific (NYSE:PARR) last announced its earnings results on Tuesday, May 5th. The company reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.22). The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.78 billion. Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.94) earnings per share. Research analysts anticipate that Par Pacific Holdings, Inc. will post 16.31 earnings per share 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.