Par Pacific (NYSE:PARR) Hits New 52-Week High – Time to Buy?

Par Pacific Holdings, Inc. (NYSE:PARR)’s share price reached a new 52-week high on Thursday . The company traded as high as $56.07 and last traded at $55.9730, with a volume of 1416865 shares trading hands. The stock had previously closed at $52.94.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PARR. The Goldman Sachs Group lifted their price target on shares of Par Pacific from $44.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Weiss Ratings reissued a “hold (c+)” rating on shares of Par Pacific in a report on Monday, December 29th. Piper Sandler set a $57.00 target price on Par Pacific in a research report on Monday, January 12th. Raymond James Financial reaffirmed an “outperform” rating and set a $50.00 price target on shares of Par Pacific in a research report on Wednesday, February 25th. Finally, Zacks Research downgraded Par Pacific from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $51.00.

Par Pacific Stock Performance

The company has a market capitalization of $3.01 billion, a P/E ratio of 8.43 and a beta of 1.17. 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 company’s fifty day moving average is $43.12 and its 200 day moving average is $40.09.

Par Pacific (NYSE:PARR) last posted its earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share (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 company earned ($0.79) EPS. The company’s revenue was down 1.0% on a year-over-year basis. As a group, equities analysts anticipate that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current year.

Insider Activity

In related 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 transaction of $5,889,728.88. Following the sale, the chief executive officer owned 457,167 shares of the company’s stock, valued at approximately $24,714,448.02. This represents a 19.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Par Pacific

Several hedge funds and other institutional investors have recently modified their holdings of PARR. Federated Hermes Inc. purchased a new stake in shares of Par Pacific in the third quarter worth about $44,000. Aster Capital Management DIFC Ltd purchased a new position in Par Pacific during the third quarter valued at approximately $48,000. Nisa Investment Advisors LLC grew its stake in Par Pacific by 16.2% during the third quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company’s stock valued at $66,000 after acquiring an additional 259 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in Par Pacific by 385.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock worth $69,000 after acquiring an additional 1,558 shares during the period. Finally, USA Financial Formulas purchased a new stake in Par Pacific in the 3rd quarter worth approximately $82,000. 92.15% of the stock is currently owned by institutional investors.

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.