Par Pacific (NYSE:PARR) Shares Gap Down Following Weak Earnings

Par Pacific Holdings, Inc. (NYSE:PARR) shares gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $41.03, but opened at $36.71. Par Pacific shares last traded at $38.0860, with a volume of 294,323 shares.

The company reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.04). Par Pacific had a net margin of 3.15% and a return on equity of 23.69%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the business posted ($0.79) EPS. The company’s revenue was down 1.0% on a year-over-year basis.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Mizuho raised their price objective on shares of Par Pacific from $45.00 to $49.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Weiss Ratings restated a “hold (c+)” rating on shares of Par Pacific in a report on Monday, December 29th. Tudor Pickering raised shares of Par Pacific from a “hold” rating to a “buy” rating in a research report on Thursday, November 6th. Zacks Research downgraded Par Pacific from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. Finally, Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Sunday, February 15th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $44.00.

Institutional Inflows and Outflows

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

Par Pacific Stock Down 7.8%

The stock has a fifty day moving average of $38.24 and a 200 day moving average of $37.84. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.51 and a quick ratio of 0.48. The firm has a market capitalization of $1.90 billion, a P/E ratio of 8.01 and a beta of 1.23.

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.