Par Pacific (NYSE:PARR) Shares Gap Up After Strong Earnings

Shares of Par Pacific Holdings, Inc. (NYSE:PARR) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $15.82, but opened at $16.54. Par Pacific shares last traded at $15.88, with a volume of 106,908 shares trading hands.

The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.02. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Par Pacific had a net margin of 5.43% and a return on equity of 26.40%. The business’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same period in the prior year, the company posted $3.15 EPS.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. The Goldman Sachs Group decreased their target price on Par Pacific from $32.00 to $28.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Tudor Pickering upgraded shares of Par Pacific to a “hold” rating in a research report on Monday, September 9th. JPMorgan Chase & Co. raised shares of Par Pacific from a “neutral” rating to an “overweight” rating and cut their price target for the stock from $36.00 to $30.00 in a research note on Wednesday, October 2nd. TD Cowen lowered their price objective on shares of Par Pacific from $36.00 to $32.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Mizuho cut their target price on shares of Par Pacific from $28.00 to $26.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $28.00.

Institutional Investors Weigh In On Par Pacific

Several institutional investors have recently bought and sold shares of PARR. Acadian Asset Management LLC bought a new stake in Par Pacific in the first quarter valued at approximately $978,000. Russell Investments Group Ltd. boosted its position in Par Pacific by 14.9% during the 1st quarter. Russell Investments Group Ltd. now owns 204,509 shares of the company’s stock valued at $7,579,000 after buying an additional 26,485 shares during the period. Quantbot Technologies LP bought a new stake in Par Pacific in the 1st quarter worth $2,156,000. WINTON GROUP Ltd increased its position in shares of Par Pacific by 802.8% in the second quarter. WINTON GROUP Ltd now owns 134,185 shares of the company’s stock valued at $3,388,000 after acquiring an additional 119,321 shares during the period. Finally, Harbor Capital Advisors Inc. raised its stake in shares of Par Pacific by 160.2% during the third quarter. Harbor Capital Advisors Inc. now owns 513,254 shares of the company’s stock valued at $9,033,000 after acquiring an additional 315,967 shares during the last quarter. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

Par Pacific Trading Down 4.5 %

The company has a quick ratio of 0.59, a current ratio of 1.63 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $851.15 million, a PE ratio of 1.93 and a beta of 1.99. The stock’s fifty day moving average price is $18.49 and its two-hundred day moving average price is $23.40.

Par Pacific Company Profile

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates through Refining, Retail, and Logistics segments. The Refining segment owns and operates refineries that produce gasoline, distillate, asphalt, and other products primarily for consumption in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana.