Par Pacific (NYSE:PARR) Shares Up 5% Following Analyst Upgrade

Par Pacific Holdings, Inc. (NYSE:PARR)’s share price was up 5% on Tuesday after Mizuho raised their price target on the stock from $34.00 to $40.00. Mizuho currently has a neutral rating on the stock. Par Pacific traded as high as $34.95 and last traded at $35.05. Approximately 118,116 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 1,414,927 shares. The stock had previously closed at $33.39.

A number of other research analysts have also recently weighed in on the company. Cowen reiterated a “buy” rating on shares of Par Pacific in a report on Thursday, August 7th. Piper Sandler lifted their target price on Par Pacific from $39.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, September 11th. Zacks Research upgraded Par Pacific to a “strong-buy” rating in a report on Monday, August 11th. Wall Street Zen upgraded Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, The Goldman Sachs Group cut Par Pacific from a “buy” rating to a “neutral” rating and set a $19.00 target price on the stock. in a report on Wednesday, May 28th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given 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 $30.68.

Insider Activity at Par Pacific

In other Par Pacific news, insider Jeffrey Ryan Hollis sold 5,228 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $34.55, for a total transaction of $180,627.40. Following the transaction, the insider owned 24,679 shares in the company, valued at $852,659.45. The trade was a 17.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Timothy Clossey sold 2,000 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $33.37, for a total value of $66,740.00. Following the transaction, the director owned 84,000 shares in the company, valued at approximately $2,803,080. This represents a 2.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,954 shares of company stock valued at $863,048 over the last 90 days. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of Par Pacific

Hedge funds and other institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC increased its position in shares of Par Pacific by 175.9% during the second quarter. Farther Finance Advisors LLC now owns 1,181 shares of the company’s stock worth $31,000 after acquiring an additional 753 shares during the last quarter. Signaturefd LLC increased its position in shares of Par Pacific by 70.2% during the first quarter. Signaturefd LLC now owns 2,391 shares of the company’s stock worth $34,000 after acquiring an additional 986 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Par Pacific during the first quarter worth about $35,000. Parallel Advisors LLC increased its position in shares of Par Pacific by 232.9% during the second quarter. Parallel Advisors LLC now owns 1,325 shares of the company’s stock worth $35,000 after acquiring an additional 927 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of Par Pacific by 157.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,596 shares of the company’s stock worth $42,000 after acquiring an additional 976 shares during the last quarter. 92.15% of the stock is owned by hedge funds and other institutional investors.

Par Pacific Stock Performance

The firm has a market capitalization of $1.80 billion, a PE ratio of -126.39 and a beta of 1.82. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.42 and a quick ratio of 0.56. The stock has a 50-day moving average price of $32.03 and a 200-day moving average price of $23.23.

Par Pacific (NYSE:PARR) last announced its earnings results on Tuesday, August 5th. The company reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.80. Par Pacific had a negative return on equity of 1.79% and a negative net margin of 0.25%.The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period in the previous year, the company earned $0.49 earnings per share. The company’s revenue for the quarter was down 6.2% compared to the same quarter last year. On average, research analysts expect that Par Pacific Holdings, Inc. will post 0.15 EPS for the current fiscal year.

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.