The Goldman Sachs Group Issues Positive Forecast for Par Pacific (NYSE:PARR) Stock Price

Par Pacific (NYSE:PARR) had its price target hoisted by The Goldman Sachs Group from $44.00 to $53.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential downside of 0.49% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Mizuho increased their price target 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 reiterated a “hold (c+)” rating on shares of Par Pacific in a research report on Monday, December 29th. Piper Sandler set a $57.00 target price on Par Pacific in a research report on Monday, January 12th. Zacks Research lowered Par Pacific from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $50.00 price target on shares of Par Pacific in a report on Wednesday, February 25th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $49.50.

Par Pacific Trading Up 4.6%

NYSE PARR traded up $2.34 on Thursday, reaching $53.26. 921,286 shares of the company were exchanged, compared to its average volume of 1,225,557. The company has a current ratio of 1.61, a quick ratio of 0.49 and a debt-to-equity ratio of 0.54. The business’s fifty day moving average price is $40.45 and its 200 day moving average price is $39.07. The stock has a market capitalization of $2.61 billion, a P/E ratio of 7.27 and a beta of 1.17. Par Pacific has a fifty-two week low of $12.04 and a fifty-two week high of $54.23.

Par Pacific (NYSE:PARR) last posted its quarterly earnings results on Tuesday, February 24th. The company reported $1.17 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.04). Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the prior year, the firm earned ($0.79) EPS. The firm’s revenue was down 1.0% on a year-over-year basis. Analysts forecast that Par Pacific will post 0.15 earnings per share for the current year.

Institutional Investors Weigh In On Par Pacific

Institutional investors and hedge funds have recently modified their holdings of the company. Encompass Capital Advisors LLC purchased a new position in Par Pacific during the 2nd quarter valued at about $34,609,000. Vanguard Group Inc. lifted its position in shares of Par Pacific by 30.9% during the third quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock worth $178,680,000 after purchasing an additional 1,190,088 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Par Pacific by 89.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,438,677 shares of the company’s stock valued at $38,168,000 after purchasing an additional 681,190 shares during the period. SG Americas Securities LLC boosted its stake in shares of Par Pacific by 7,787.1% in the fourth quarter. SG Americas Securities LLC now owns 563,930 shares of the company’s stock valued at $19,816,000 after purchasing an additional 556,780 shares during the period. Finally, American Century Companies Inc. grew its holdings in shares of Par Pacific by 42.8% in the third quarter. American Century Companies Inc. now owns 1,522,392 shares of the company’s stock valued at $53,923,000 after purchasing an additional 456,473 shares in the last quarter. Hedge funds and other institutional investors own 92.15% of the company’s stock.

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.