Par Pacific (NYSE:PARR) Reaches New 12-Month High – Here’s Why

Par Pacific Holdings, Inc. (NYSE:PARR) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $82.61 and last traded at $82.1510, with a volume of 47908 shares. The stock had previously closed at $79.09.

Wall Street Analysts Forecast Growth

PARR has been the subject of a number of research analyst reports. Benchmark reaffirmed a “buy” rating on shares of Par Pacific in a research report on Wednesday, July 8th. Raymond James Financial raised their price target on Par Pacific from $80.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Guggenheim upgraded Par Pacific to an “outperform” rating in a report on Wednesday, May 27th. JPMorgan Chase & Co. increased their target price on shares of Par Pacific from $48.00 to $77.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. Finally, Wall Street Zen raised shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 17th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $81.57.

Par Pacific Price Performance

The stock has a 50-day moving average price of $61.51 and a two-hundred day moving average price of $55.04. The company has a current ratio of 1.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.63. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of 9.18 and a beta of 0.82.

Par Pacific (NYSE:PARR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.22). The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.Par Pacific’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.94) EPS. As a group, equities research analysts forecast that Par Pacific Holdings, Inc. will post 18.6 EPS for the current year.

Institutional Trading of Par Pacific

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