Par Pacific (NYSE:PARR) Stock Price Up 4.5% Following Analyst Upgrade

Par Pacific Holdings, Inc. (NYSE:PARR)’s share price traded up 4.5% on Wednesday after Mizuho raised their price target on the stock from $49.00 to $58.00. Mizuho currently has a neutral rating on the stock. Par Pacific traded as high as $54.97 and last traded at $55.3050. 64,138 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 1,220,442 shares. The stock had previously closed at $52.94.

Several other research analysts have also commented on PARR. The Goldman Sachs Group lifted their price target on Par Pacific from $44.00 to $53.00 and gave the stock a “neutral” rating in a research report on Thursday, March 12th. Weiss Ratings restated a “hold (c+)” rating on shares of Par Pacific in a research report on Monday, December 29th. Raymond James Financial reaffirmed an “outperform” rating and issued a $50.00 price objective on shares of Par Pacific in a research note on Wednesday, February 25th. Piper Sandler set a $57.00 target price on Par Pacific in a report on Monday, January 12th. Finally, Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 14th. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $51.00.

Insider Buying and Selling

In related news, CEO William Monteleone sold 108,948 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $54.06, for a total value of $5,889,728.88. Following the sale, the chief executive officer directly owned 457,167 shares of the company’s stock, valued at $24,714,448.02. This represents a 19.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PARR. Royal Bank of Canada lifted its stake in shares of Par Pacific by 23.9% during the 1st quarter. Royal Bank of Canada now owns 23,453 shares of the company’s stock worth $334,000 after acquiring an additional 4,525 shares during the last quarter. AQR Capital Management LLC grew its position in Par Pacific by 118.2% in the 1st quarter. AQR Capital Management LLC now owns 164,358 shares of the company’s stock valued at $2,344,000 after acquiring an additional 89,023 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Par Pacific by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,304 shares of the company’s stock worth $461,000 after purchasing an additional 1,427 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Par Pacific by 4.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,241 shares of the company’s stock worth $2,085,000 after purchasing an additional 6,618 shares during the period. Finally, Jane Street Group LLC lifted its position in shares of Par Pacific by 352.7% during the first quarter. Jane Street Group LLC now owns 270,835 shares of the company’s stock worth $3,862,000 after purchasing an additional 211,002 shares during the last quarter. Institutional investors own 92.15% of the company’s stock.

Par Pacific Stock Performance

The firm has a market capitalization of $2.74 billion, a P/E ratio of 7.68 and a beta of 1.17. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.61 and a quick ratio of 0.49. The firm has a 50-day moving average price of $42.23 and a two-hundred day moving average price of $39.78.

Par Pacific (NYSE:PARR) last posted its quarterly earnings results on Tuesday, February 24th. 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 30.19% and a net margin of 4.95%.The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the company posted ($0.79) earnings per share. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, analysts forecast that Par Pacific Holdings, Inc. will post 0.15 EPS for the current fiscal year.

Par Pacific Company Profile

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.