Par Pacific (NYSE:PARR) Stock Price Expected to Rise, Piper Sandler Analyst Says

Par Pacific (NYSE:PARR) had its price target lifted by analysts at Piper Sandler from $63.00 to $72.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price indicates a potential upside of 21.28% from the company’s current price.

A number of other equities analysts also recently issued reports on PARR. Mizuho raised their price objective 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 lifted their target price on Par Pacific from $44.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Wall Street Zen upgraded Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 14th. Zacks Research downgraded Par Pacific from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 16th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Par Pacific in a report on Friday, March 27th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Par Pacific currently has an average rating of “Moderate Buy” and a consensus target price of $63.57.

Par Pacific Price Performance

Shares of PARR opened at $59.37 on Wednesday. Par Pacific has a 1 year low of $12.17 and a 1 year high of $67.39. 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 company has a market capitalization of $2.94 billion, a price-to-earnings ratio of 8.14 and a beta of 0.97. The business has a 50-day moving average of $50.38 and a 200-day moving average of $42.83.

Par Pacific (NYSE:PARR) last issued 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). 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 for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the business earned ($0.79) earnings per share. Par Pacific’s revenue was down 1.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Par Pacific will post 0.15 earnings per share for the current year.

Insiders Place Their Bets

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of Par Pacific stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $54.06, for a total value of $5,889,728.88. Following the completion of the sale, the chief executive officer directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 PARR. Royal Bank of Canada increased its holdings in shares of Par Pacific by 23.9% during the first quarter. Royal Bank of Canada now owns 23,453 shares of the company’s stock valued at $334,000 after acquiring an additional 4,525 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Par Pacific by 118.2% during the first 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Par Pacific by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,304 shares of the company’s stock valued at $461,000 after acquiring an additional 1,427 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Par Pacific by 4.7% during 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 valued at $2,085,000 after acquiring an additional 6,618 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings 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 valued at $3,862,000 after acquiring an additional 211,002 shares in the last quarter. 92.15% of the stock is currently owned by institutional investors.

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.