Par Pacific (NYSE:PARR) Stock Rating Upgraded by The Goldman Sachs Group

Par Pacific (NYSE:PARR) was upgraded by equities research analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, Marketbeat Ratings reports. The brokerage currently has a $77.00 price objective on the stock, up from their previous price objective of $53.00. The Goldman Sachs Group’s target price would indicate a potential upside of 22.52% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Mizuho upped their price target on shares of Par Pacific from $49.00 to $58.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. Zacks Research downgraded Par Pacific from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. Raymond James Financial upped their price objective on Par Pacific from $50.00 to $77.00 and gave the company an “outperform” rating in a research note on Wednesday, March 25th. UBS Group upped their price objective on Par Pacific from $40.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Piper Sandler lifted their target price on Par Pacific from $63.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Par Pacific currently has an average rating of “Moderate Buy” and an average price target of $67.00.

Par Pacific Price Performance

Shares of NYSE PARR opened at $62.85 on Friday. Par Pacific has a fifty-two week low of $12.17 and a fifty-two week high of $67.39. The business has a 50 day moving average price of $50.88 and a two-hundred day moving average price of $43.06. The company has a quick ratio of 0.49, a current ratio of 1.61 and a debt-to-equity ratio of 0.54. The firm has a market cap of $3.11 billion, a PE ratio of 8.62 and a beta of 0.97.

Par Pacific (NYSE:PARR) last posted its quarterly earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.04). The company 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 revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.79) earnings per share. Sell-side analysts expect that Par Pacific will post 0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the stock in a transaction 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 sale, the chief executive officer directly owned 457,167 shares of the company’s stock, valued at $24,714,448.02. This trade represents a 19.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Par Pacific

Several large investors have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. boosted its stake in Par Pacific by 385.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after purchasing an additional 1,558 shares during the period. Corient Private Wealth LLC acquired a new position in Par Pacific during the 4th quarter valued at about $345,000. Hsbc Holdings PLC boosted its stake in Par Pacific by 3.3% during the 4th quarter. Hsbc Holdings PLC now owns 49,096 shares of the company’s stock valued at $1,729,000 after purchasing an additional 1,578 shares during the period. Virtu Financial LLC boosted its stake in Par Pacific by 378.3% during the 4th quarter. Virtu Financial LLC now owns 30,215 shares of the company’s stock valued at $1,062,000 after purchasing an additional 23,898 shares during the period. Finally, Compound Planning Inc. acquired a new position in Par Pacific during the 4th quarter valued at about $392,000. 92.15% of the stock is 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.