Par Pacific (NYSE:PARR) Upgraded at Zacks Research

Zacks Research upgraded shares of Par Pacific (NYSE:PARR) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday,Zacks.com reports.

A number of other research analysts also recently weighed in on PARR. JPMorgan Chase & Co. raised their target price on shares of Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a research report on Wednesday, April 8th. Raymond James Financial boosted their price target on shares of Par Pacific from $50.00 to $77.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 25th. Mizuho raised their price objective on Par Pacific from $49.00 to $58.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. The Goldman Sachs Group raised Par Pacific from a “neutral” rating to a “buy” rating and lifted their target price for the company from $53.00 to $77.00 in a research report on Friday, April 10th. Finally, Piper Sandler upped their target price on Par Pacific from $63.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $67.00.

Par Pacific Trading Down 2.0%

NYSE PARR opened at $63.79 on Tuesday. Par Pacific has a 52 week low of $13.94 and a 52 week high of $67.39. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.49 and a current ratio of 1.61. The stock’s 50 day moving average price is $54.71 and its two-hundred day moving average price is $44.66. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of 8.75 and a beta of 0.97.

Par Pacific (NYSE:PARR) last issued its quarterly earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.04). The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.Par Pacific’s revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.79) earnings per share. As a group, analysts anticipate that Par Pacific will post 14 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the stock in a transaction 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 sale, the chief executive officer owned 457,167 shares in the company, 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 legal filing with the SEC, which is available through this link. 3.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Par Pacific

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Par Pacific by 30.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock valued at $178,680,000 after buying an additional 1,190,088 shares during the last quarter. SG Americas Securities LLC lifted its position in Par Pacific by 7,787.1% during the fourth quarter. SG Americas Securities LLC now owns 563,930 shares of the company’s stock worth $19,816,000 after acquiring an additional 556,780 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Par Pacific by 42.8% during the third quarter. American Century Companies Inc. now owns 1,522,392 shares of the company’s stock worth $53,923,000 after acquiring an additional 456,473 shares during the period. Wells Fargo & Company MN grew its position in shares of Par Pacific by 810.8% in the fourth quarter. Wells Fargo & Company MN now owns 359,834 shares of the company’s stock valued at $12,645,000 after purchasing an additional 320,326 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Par Pacific by 22.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,756,161 shares of the company’s stock valued at $62,203,000 after purchasing an additional 317,484 shares during the last quarter. 92.15% of the stock is currently owned by institutional investors and hedge funds.

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.