Wall Street Zen Downgrades Par Pacific (NYSE:PARR) to Buy

Par Pacific (NYSE:PARR) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Saturday.

A number of other research analysts also recently weighed in on the stock. TD Cowen increased their target price on shares of Par Pacific from $39.00 to $48.00 and gave the company a “buy” rating in a research report on Friday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a report on Monday, December 29th. Zacks Research cut shares of Par Pacific from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 16th. UBS Group lifted their target price on shares of Par Pacific from $37.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Finally, Piper Sandler set a $57.00 price target on Par Pacific in a research report 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’s stock. Based on data from MarketBeat.com, Par Pacific currently has a consensus rating of “Hold” and an average target price of $47.33.

Par Pacific Trading Up 4.9%

Shares of Par Pacific stock opened at $42.62 on Friday. Par Pacific has a 12-month low of $11.86 and a 12-month high of $48.40. The company has a current ratio of 1.51, a quick ratio of 0.48 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $2.09 billion, a P/E ratio of 5.85 and a beta of 1.23. The stock has a fifty day simple moving average of $38.39 and a 200 day simple moving average of $37.97.

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 32.01%. 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. On average, sell-side analysts anticipate that Par Pacific will post 0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Par Pacific

Several large investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC increased its position in Par Pacific by 157.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,596 shares of the company’s stock valued at $42,000 after buying an additional 976 shares in the last quarter. Federated Hermes Inc. bought a new position in shares of Par Pacific during the third quarter valued at $44,000. Aster Capital Management DIFC Ltd bought a new position in shares of Par Pacific during the third quarter valued at $48,000. Smartleaf Asset Management LLC raised its position in shares of Par Pacific by 81.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after purchasing an additional 1,048 shares during the last quarter. Finally, USA Financial Formulas bought a new position in Par Pacific in the 3rd quarter worth about $82,000. 92.15% of the stock is currently owned by hedge funds and other 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.