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

Par Pacific (NYSE:PARR) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Several other research firms also recently weighed in on PARR. Raymond James Financial lifted their target price on Par Pacific from $50.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, March 25th. The Goldman Sachs Group upgraded Par Pacific from a “neutral” rating to a “buy” rating and lifted their target price for the company from $53.00 to $77.00 in a research report on Friday, April 10th. UBS Group lifted their target price on Par Pacific from $40.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Par Pacific in a research report on Friday, March 27th. Finally, JPMorgan Chase & Co. lifted their target price on Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a research report on Wednesday, April 8th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $70.00.

Par Pacific Price Performance

NYSE PARR opened at $54.58 on Monday. The company has a market capitalization of $2.74 billion, a PE ratio of 6.09 and a beta of 0.83. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.60 and a current ratio of 1.62. The business’s fifty day moving average is $61.15 and its 200 day moving average is $49.32. Par Pacific has a fifty-two week low of $21.57 and a fifty-two week high of $70.39.

Par Pacific (NYSE:PARR) last released its earnings results 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 company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. Par Pacific’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.94) earnings per share. Sell-side analysts predict that Par Pacific will post 15.41 earnings per share for the current year.

Insider Buying and Selling

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the firm’s 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 directly owned 457,167 shares of the company’s stock, valued at $24,714,448.02. This trade represents a 19.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Par Pacific

Institutional investors and hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC bought a new stake in Par Pacific during the first quarter valued at about $26,000. EverSource Wealth Advisors LLC raised its holdings in Par Pacific by 32.0% during the first quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock valued at $45,000 after acquiring an additional 173 shares during the period. Federated Hermes Inc. bought a new stake in Par Pacific during the third quarter valued at about $44,000. Aster Capital Management DIFC Ltd bought a new stake in Par Pacific during the third quarter valued at about $48,000. Finally, Rockefeller Capital Management L.P. raised its holdings in Par Pacific by 385.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after acquiring an additional 1,558 shares during the period. 92.15% of the stock is 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.