Par Pacific (NYSE:PARR) Lowered to Hold Rating by Zacks Research

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

PARR has been the subject of a number of other research reports. The Goldman Sachs Group raised Par Pacific from a “neutral” rating to a “buy” rating and upped their price target for the company from $53.00 to $77.00 in a research report on Friday, April 10th. Piper Sandler upped their price target on Par Pacific from $63.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, April 8th. Raymond James Financial upped their price target on Par Pacific from $50.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, March 25th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a research report on Friday, March 27th. Finally, Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 17th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $70.00.

Par Pacific Price Performance

Par Pacific stock opened at $54.58 on Monday. Par Pacific has a 52 week low of $21.57 and a 52 week high of $70.39. The business has a 50-day simple moving average of $61.15 and a 200 day simple moving average of $49.32. The company has a quick ratio of 0.60, a current ratio of 1.62 and a debt-to-equity ratio of 0.63. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of 6.09 and a beta of 0.83.

Par Pacific (NYSE:PARR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.22). Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter in the previous year, the company posted ($0.94) earnings per share. Par Pacific’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, research analysts forecast that Par Pacific will post 15.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Par Pacific

In related news, CEO William Monteleone sold 108,948 shares of the company’s stock in a transaction that occurred 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 owned 457,167 shares in the company, valued at $24,714,448.02. This represents a 19.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 3.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Par Pacific

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Par Pacific by 30.9% in the 3rd 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 during the period. Dimensional Fund Advisors LP raised its position in shares of Par Pacific by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,774,621 shares of the company’s stock valued at $62,363,000 after purchasing an additional 7,280 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Par Pacific by 0.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,771,793 shares of the company’s stock valued at $110,985,000 after buying an additional 6,162 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Par Pacific by 42.8% during the 3rd quarter. American Century Companies Inc. now owns 1,522,392 shares of the company’s stock valued at $53,923,000 after buying an additional 456,473 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Par Pacific by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 1,222,100 shares of the company’s stock worth $42,954,000 after buying an additional 21,254 shares during the period. 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.