Par Pacific (NYSE:PARR) Sets New 1-Year High Following Analyst Upgrade

Par Pacific Holdings, Inc. (NYSE:PARR) reached a new 52-week high on Monday after Piper Sandler raised their price target on the stock from $44.00 to $62.00. Piper Sandler currently has an overweight rating on the stock. Par Pacific traded as high as $48.40 and last traded at $46.8970, with a volume of 2159610 shares changing hands. The stock had previously closed at $43.80.

PARR has been the subject of a number of other research reports. Raymond James Financial reaffirmed an “outperform” rating and set a $45.00 price target (up previously from $38.00) on shares of Par Pacific in a research report on Friday, October 17th. UBS Group boosted their target price on Par Pacific from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. TD Cowen dropped their price target on Par Pacific from $35.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. The Goldman Sachs Group lifted their price target on shares of Par Pacific from $34.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, October 22nd. Finally, Tudor Pickering upgraded shares of Par Pacific from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 6th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.57.

Insiders Place Their Bets

In related news, insider Jeffrey Ryan Hollis sold 5,228 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $34.55, for a total value of $180,627.40. Following the completion of the transaction, the insider directly owned 24,679 shares in the company, valued at $852,659.45. This trade represents a 17.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy Clossey sold 2,000 shares of Par Pacific stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $33.37, for a total transaction of $66,740.00. Following the transaction, the director directly owned 84,000 shares of the company’s stock, valued at approximately $2,803,080. This trade represents a 2.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 36,638 shares of company stock valued at $1,371,866 in the last 90 days. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Par Pacific

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Par Pacific by 30.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock worth $178,680,000 after purchasing an additional 1,190,088 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Par Pacific by 6.6% during the third quarter. Dimensional Fund Advisors LP now owns 1,767,341 shares of the company’s stock valued at $62,601,000 after buying an additional 109,705 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Par Pacific by 22.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,756,161 shares of the company’s stock worth $62,203,000 after acquiring an additional 317,484 shares in the last quarter. American Century Companies Inc. boosted its holdings in Par Pacific by 42.8% in the third quarter. American Century Companies Inc. now owns 1,522,392 shares of the company’s stock worth $53,923,000 after acquiring an additional 456,473 shares in the last quarter. Finally, Encompass Capital Advisors LLC purchased a new stake in shares of Par Pacific in the second quarter worth $34,609,000. Institutional investors own 92.15% of the company’s stock.

Par Pacific Price Performance

The firm has a fifty day moving average price of $37.48 and a two-hundred day moving average price of $30.86. The company has a quick ratio of 0.56, a current ratio of 1.42 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $2.27 billion, a P/E ratio of -161.25 and a beta of 1.74.

Par Pacific (NYSE:PARR) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $5.95 EPS for the quarter, beating the consensus estimate of $1.98 by $3.97. The company had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.72 billion. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. Par Pacific’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.10) EPS. On average, analysts expect that Par Pacific Holdings, Inc. will post 0.15 EPS for the current 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.