Par Pacific (NYSE:PARR) Shares Gap Down Following Weak Earnings

Par Pacific Holdings, Inc. (NYSE:PARR) shares gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $41.03, but opened at $36.71. Par Pacific shares last traded at $38.0860, with a volume of 294,323 shares.

The company reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.04). Par Pacific had a return on equity of 32.01% and a net margin of 4.95%.The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the company earned ($0.79) earnings per share. The firm’s revenue was down 1.0% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PARR shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a report on Monday, December 29th. Tudor Pickering upgraded shares of Par Pacific from a “hold” rating to a “buy” rating in a research report on Thursday, November 6th. Piper Sandler set a $57.00 price target on shares of Par Pacific in a report on Monday, January 12th. Raymond James Financial restated an “outperform” rating and issued a $50.00 price objective on shares of Par Pacific in a research report on Wednesday. Finally, UBS Group increased their price objective on Par Pacific from $37.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $44.83.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC grew its stake 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 purchasing an additional 976 shares during the period. Federated Hermes Inc. acquired a new position in Par Pacific in the third quarter valued at about $44,000. Aster Capital Management DIFC Ltd bought a new position in Par Pacific during the third quarter worth about $48,000. Smartleaf Asset Management LLC grew its position in shares of Par Pacific by 81.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after buying an additional 1,048 shares during the period. Finally, USA Financial Formulas bought a new stake in shares of Par Pacific in the 3rd quarter valued at about $82,000. Institutional investors and hedge funds own 92.15% of the company’s stock.

Par Pacific Trading Down 6.0%

The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of 5.29 and a beta of 1.23. The company has a quick ratio of 0.48, a current ratio of 1.51 and a debt-to-equity ratio of 0.70. The company’s fifty day simple moving average is $38.24 and its two-hundred day simple moving average is $37.84.

About Par Pacific

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.