Par Pacific (NYSE:PARR) Given New $77.00 Price Target at Raymond James Financial

Par Pacific (NYSE:PARR) had its price objective increased by Raymond James Financial from $50.00 to $77.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities research analysts have also issued reports about the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Par Pacific in a research note on Monday, December 29th. Mizuho raised their target price on Par Pacific from $49.00 to $58.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. The Goldman Sachs Group boosted their price target on Par Pacific from $44.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. Zacks Research cut Par Pacific from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 16th. Finally, Piper Sandler set a $57.00 price objective on Par Pacific in a research note on Monday, January 12th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $55.50.

Par Pacific Stock Down 0.8%

PARR opened at $61.21 on Wednesday. The company has a market capitalization of $3.03 billion, a P/E ratio of 8.40 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’s fifty day moving average price is $44.47 and its two-hundred day moving average price is $40.66. Par Pacific has a fifty-two week low of $12.04 and a fifty-two week high of $63.68.

Par Pacific (NYSE:PARR) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.04). The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.79) EPS. On average, analysts anticipate that Par Pacific will post 0.15 EPS for the current year.

Insider Activity

In other news, CEO William Monteleone sold 108,948 shares of Par Pacific stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 457,167 shares in the company, valued at approximately $24,714,448.02. The trade was a 19.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Par Pacific

Several institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. bought a new stake in shares of Par Pacific during the third quarter valued at approximately $44,000. Aster Capital Management DIFC Ltd bought a new position in Par Pacific in the 3rd quarter worth approximately $48,000. Smartleaf Asset Management LLC raised its position in Par Pacific by 81.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after purchasing an additional 1,048 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in Par Pacific by 16.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company’s stock worth $66,000 after buying an additional 259 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its position in Par Pacific by 385.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after buying an additional 1,558 shares during the last quarter. Institutional investors own 92.15% of the company’s stock.

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.