Par Pacific (NYSE:PARR) Hits New 12-Month High – Time to Buy?

Par Pacific Holdings, Inc. (NYSE:PARR)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $66.75 and last traded at $63.95, with a volume of 1221814 shares trading hands. The stock had previously closed at $65.67.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PARR shares. Zacks Research downgraded Par Pacific from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 16th. Raymond James Financial upped their target price on shares of Par Pacific from $50.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, March 25th. Wall Street Zen raised shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Par Pacific in a research report on Friday. Finally, Piper Sandler set a $57.00 price target on shares of Par Pacific in a research note on Monday, January 12th. Four research 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 has an average rating of “Hold” and a consensus price target of $55.50.

Par Pacific Price Performance

The company has a fifty day moving average of $46.08 and a 200-day moving average of $41.35. The company has a current ratio of 1.61, a quick ratio of 0.49 and a debt-to-equity ratio of 0.54. The stock has a market cap of $3.16 billion, a PE ratio of 8.77 and a beta of 1.16.

Par Pacific (NYSE:PARR) last announced its 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). The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.79) earnings per share. Sell-side analysts expect that Par Pacific Holdings, Inc. will post 0.15 EPS for the current fiscal year.

Insider Activity

In other news, CEO William Monteleone sold 108,948 shares of the firm’s 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 of the company’s stock, valued at approximately $24,714,448.02. This trade represents a 19.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On Par Pacific

A number of hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. purchased a new position in Par Pacific in the 3rd quarter valued at approximately $44,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Par Pacific during the third quarter worth $48,000. Nisa Investment Advisors LLC increased its position in shares of Par Pacific by 16.2% during the third quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company’s stock worth $66,000 after acquiring an additional 259 shares during the period. Rockefeller Capital Management L.P. raised its stake in shares of Par Pacific by 385.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after acquiring an additional 1,558 shares in the last quarter. Finally, USA Financial Formulas acquired a new stake in shares of Par Pacific in the third quarter valued at $82,000. 92.15% of the stock is currently owned by institutional investors and hedge funds.

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.