Par Pacific (NYSE:PARR) Given New $38.00 Price Target at Raymond James Financial

Par Pacific (NYSE:PARR) had its price target hoisted by Raymond James Financial from $36.00 to $38.00 in a research report released on Tuesday, Marketbeat Ratings reports. Raymond James Financial currently has an outperform rating on the stock.

PARR has been the topic of several other research reports. The Goldman Sachs Group downgraded shares of Par Pacific from a “buy” rating to a “neutral” rating and set a $19.00 price target on the stock. in a report on Wednesday, May 28th. TD Cowen lowered their price target on shares of Par Pacific from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Cowen reaffirmed a “buy” rating on shares of Par Pacific in a report on Thursday, August 7th. Wall Street Zen downgraded shares of Par Pacific from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 17th. Finally, Piper Sandler lifted their price target on shares of Par Pacific from $26.00 to $38.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Par Pacific currently has a consensus rating of “Moderate Buy” and an average target price of $28.96.

Par Pacific Stock Performance

PARR opened at $36.15 on Tuesday. The company has a current ratio of 1.42, a quick ratio of 0.56 and a debt-to-equity ratio of 0.97. The company has a market cap of $1.84 billion, a price-to-earnings ratio of -129.10 and a beta of 1.82. The company’s 50 day moving average is $31.76 and its 200 day moving average is $22.57. Par Pacific has a 12-month low of $11.86 and a 12-month high of $36.26.

Par Pacific (NYSE:PARR) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.80. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the previous year, the firm earned $0.49 earnings per share. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. On average, equities research analysts predict that Par Pacific will post 0.15 EPS for the current year.

Insider Activity at Par Pacific

In related news, insider Shawn David Flores sold 8,062 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $34.50, for a total value of $278,139.00. Following the sale, the insider owned 39,089 shares in the company, valued at approximately $1,348,570.50. The trade was a 17.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jeffrey Ryan Hollis sold 5,228 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $34.55, for a total transaction of $180,627.40. Following the completion of the sale, the insider owned 24,679 shares in the company, valued at $852,659.45. This represents a 17.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 23,954 shares of company stock worth $796,308 over the last ninety days. 4.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Par Pacific

Several large investors have recently bought and sold shares of the business. Ethic Inc. raised its stake in shares of Par Pacific by 1.9% in the second quarter. Ethic Inc. now owns 21,801 shares of the company’s stock valued at $580,000 after acquiring an additional 396 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Par Pacific by 17.4% in the second quarter. Public Employees Retirement System of Ohio now owns 2,882 shares of the company’s stock valued at $76,000 after acquiring an additional 428 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Par Pacific by 175.9% in the second quarter. Farther Finance Advisors LLC now owns 1,181 shares of the company’s stock valued at $31,000 after acquiring an additional 753 shares during the period. First Pacific Advisors LP boosted its position in shares of Par Pacific by 1.1% during the second quarter. First Pacific Advisors LP now owns 72,632 shares of the company’s stock valued at $1,927,000 after buying an additional 820 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey boosted its position in shares of Par Pacific by 7.1% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 12,337 shares of the company’s stock valued at $327,000 after buying an additional 820 shares during the period. Institutional investors own 92.15% of the company’s stock.

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.