Par Pacific (NYSE:PARR) Hits New 1-Year High – Time to Buy?

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price reached a new 52-week high during trading on Wednesday. The company traded as high as $90.17 and last traded at $89.8890, with a volume of 1,150,429 shares. The stock had previously closed at $83.12.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PARR. Raymond James Financial upped their price objective on shares of Par Pacific from $90.00 to $104.00 and gave the company an “outperform” rating in a report on Monday, September 14th. The Goldman Sachs Group increased their price objective on shares of Par Pacific from $77.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Zacks Research upgraded Par Pacific from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 4th. UBS Group restated a “neutral” rating on shares of Par Pacific in a research note on Wednesday, August 26th. Finally, Mizuho set a $91.00 target price on Par Pacific and gave the company a “neutral” rating in a research report on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $85.14.

Par Pacific Price Performance

The company has a quick ratio of 0.76, a current ratio of 1.84 and a debt-to-equity ratio of 0.38. The business has a 50-day moving average price of $80.16 and a two-hundred day moving average price of $69.25. The company has a market capitalization of $4.50 billion, a price-to-earnings ratio of 5.24 and a beta of 0.75.

Par Pacific (NYSE:PARR) last issued its earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.22 by $1.88. Par Pacific had a return on equity of 56.19% and a net margin of 9.94%. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same period last year, the business earned $1.54 EPS. Par Pacific’s quarterly revenue was up 56.8% compared to the same quarter last year. As a group, research analysts anticipate that Par Pacific Holdings, Inc. will post 26.30 EPS for the current year.

Insiders Place Their Bets

In other news, insider Danielle Mattiussi sold 3,278 shares of Par Pacific stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $67.29, for a total transaction of $220,576.62. Following the completion of the transaction, the insider directly owned 27,878 shares in the company, valued at $1,875,910.62. This trade represents a 10.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy Clossey sold 10,970 shares of Par Pacific stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $84.00, for a total transaction of $921,480.00. Following the transaction, the director owned 51,526 shares of the company’s stock, valued at $4,328,184. This represents a 17.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 54,248 shares of company stock worth $4,394,057. Insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On Par Pacific

A number of institutional investors and hedge funds have recently made changes to their positions in PARR. Encompass Capital Advisors LLC acquired a new position in Par Pacific during the 1st quarter valued at about $28,839,000. Bank of New York Mellon Corp bought a new stake in Par Pacific during the 2nd quarter worth approximately $19,353,000. Pacer Advisors Inc. bought a new stake in Par Pacific during the 1st quarter worth approximately $16,277,000. First Trust Advisors LP raised its stake in shares of Par Pacific by 395.9% in the first quarter. First Trust Advisors LP now owns 133,073 shares of the company’s stock worth $8,336,000 after purchasing an additional 106,238 shares during the last quarter. Finally, Empowered Funds LLC raised its stake in shares of Par Pacific by 24.4% in the first quarter. Empowered Funds LLC now owns 313,605 shares of the company’s stock worth $19,644,000 after purchasing an additional 61,464 shares during the last quarter. Institutional investors and hedge funds own 92.15% of the company’s stock.

About Par Pacific

Par Pacific Holdings, Inc is an energy company engaged in refining, marketing and distributing transportation fuels and other petroleum products. Through its refining operations, the company produces gasoline, diesel, jet fuel, asphalt and other refined products for commercial, industrial and retail customers.

Par Pacific operates refineries and related energy infrastructure in the western United States, with a significant presence in Hawaii and additional refining and logistics operations in the Pacific Northwest and Rocky Mountain regions.