Par Pacific (NYSE:PARR) Price Target Raised to $60.00

Par Pacific (NYSE:PARR) had its target price increased by UBS Group from $40.00 to $60.00 in a research note published on Thursday morning, MarketBeat.com reports. The brokerage currently has a neutral rating on the stock.

A number of other equities analysts also recently weighed in on the stock. Mizuho boosted their price target on shares of Par Pacific from $49.00 to $58.00 and gave the stock a “neutral” rating in a report on Tuesday, March 17th. Zacks Research downgraded shares of Par Pacific from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 16th. Wall Street Zen raised shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 14th. Piper Sandler upped their price objective on shares of Par Pacific from $63.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, TD Cowen upped their price objective on shares of Par Pacific from $39.00 to $48.00 and gave the company a “buy” rating in a report on Friday, February 27th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Par Pacific presently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Par Pacific Stock Up 5.7%

PARR opened at $62.85 on Thursday. 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’s 50-day moving average is $50.88 and its 200 day moving average is $43.06. Par Pacific has a fifty-two week low of $12.17 and a fifty-two week high of $67.39. The firm has a market capitalization of $3.11 billion, a P/E ratio of 8.62 and a beta of 0.97.

Par Pacific (NYSE:PARR) last released its quarterly earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share 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 the consensus estimate of $1.68 billion. Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.79) earnings per share. Research analysts expect that Par Pacific will post 0.15 earnings per share for the current fiscal year.

Insider Activity

In other 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 approximately $24,714,448.02. This represents a 19.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Par Pacific in the third quarter worth approximately $1,149,000. Principal Financial Group Inc. grew its position in Par Pacific by 38.5% during the third quarter. Principal Financial Group Inc. now owns 354,439 shares of the company’s stock valued at $12,554,000 after acquiring an additional 98,524 shares during the last quarter. Wakefield Asset Management LLLP bought a new position in Par Pacific during the third quarter valued at approximately $1,330,000. Barclays PLC grew its position in Par Pacific by 24.9% during the third quarter. Barclays PLC now owns 705,832 shares of the company’s stock valued at $25,001,000 after acquiring an additional 140,514 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC bought a new position in Par Pacific during the third quarter valued at approximately $3,286,000. 92.15% of the stock is currently owned by institutional investors.

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.