Brokerages Set Par Pacific Holdings, Inc. (NYSE:PARR) Price Target at $70.00

Shares of Par Pacific Holdings, Inc. (NYSE:PARR) have received a consensus recommendation of “Moderate Buy” from the twelve analysts that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $70.00.

Several analysts recently weighed in on PARR shares. UBS Group raised their price objective on Par Pacific from $40.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Piper Sandler raised their price objective on Par Pacific from $63.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, April 8th. Guggenheim upgraded Par Pacific to an “outperform” rating in a research report on Wednesday, May 27th. The Goldman Sachs Group upgraded Par Pacific from a “neutral” rating to a “buy” rating and increased their target price for the company from $53.00 to $77.00 in a research report on Friday, April 10th. Finally, Wall Street Zen upgraded Par Pacific from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 17th.

Insider Buying and Selling

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 457,167 shares in the company, valued at approximately $24,714,448.02. This trade represents a 19.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Par Pacific

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Par Pacific by 30.9% in the third quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock valued at $178,680,000 after purchasing an additional 1,190,088 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Par Pacific by 0.4% in the fourth 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 last quarter. Arrowstreet Capital Limited Partnership raised its position in Par Pacific by 0.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,771,793 shares of the company’s stock valued at $110,985,000 after purchasing an additional 6,162 shares during the last quarter. American Century Companies Inc. raised its position in 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 during the last quarter. Finally, Geode Capital Management LLC raised its position in Par Pacific by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 1,222,100 shares of the company’s stock valued at $42,954,000 after purchasing an additional 21,254 shares during the last quarter. 92.15% of the stock is currently owned by institutional investors.

Par Pacific Stock Performance

NYSE:PARR opened at $57.12 on Tuesday. The stock’s 50-day simple moving average is $61.37 and its 200 day simple moving average is $49.25. The firm has a market capitalization of $2.86 billion, a PE ratio of 6.37 and a beta of 0.84. The company has a quick ratio of 0.60, a current ratio of 1.62 and a debt-to-equity ratio of 0.63. Par Pacific has a twelve month low of $21.01 and a twelve month high of $70.39.

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

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.